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SECURITY AND INVESTIGATIONS AGENTS ACT 2002 - SECT 28 Trust accounts

SECURITY AND INVESTIGATIONS AGENTS ACT 2002 - SECT 28

Division 2 - Commercial agents Trust accounts

(1)  The holder of an agent licence in respect of the operation of a commercial agency must –
(a) maintain a trust account in an authorised deposit-taking institution in this State; and
(b) deposit any money received for or on behalf of a client into that trust account; and
(c) keep that money in that trust account until –
(i) paid to the client or reimbursed as the client directs; or
(ii) ordered otherwise by an order of a court.
Penalty:  In the case of –
(a) a body corporate, 500 penalty units; and
(b) a natural person, 100 penalty units.
(2)  The holder of an agent licence must not use money in a trust account of the holder –
(a) for the payment of debts of the holder; or
(b) for the payment of any creditor of the holder; or
(c) for an attachment or execution under an order of a court at the instance of any creditor of the holder.
Penalty:  In the case of –
(a) a body corporate, 500 penalty units; and
(b) a natural person, 100 penalty units.
(3)  The Director, by notice in writing, may require the holder or previous holder of an agent licence who operates or operated a commercial agency to provide any information the Director considers necessary to investigate whether or not an offence has been committed under this section.