Victorian Consolidated Legislation

Conveyancers Act 2006 - SECT 66

Maintenance of general trust account

66. Maintenance of general trust account



(1) A licensee who receives trust money to which this Part applies must
maintain a general trust account in Victoria.

Penalty: 120 penalty units.

(2) A licensee who is required to maintain a general trust account must
establish and maintain the account in accordance with the regulations.

Penalty: 60 penalty units.

(3) Subsection (1) does not apply to a licensee in respect of any period
during which the licensee receives only either or both of the following-



   (a)  controlled money; or

   (b)  transit money received in a form other than cash.

(4) Subject to any requirements of the regulations, a requirement of this
section for a licensee to maintain, or establish and maintain, a general trust
account does not prevent the licensee from maintaining, or establishing and
maintaining, more than one general trust account, whether during the same
period or during different periods.

(5) Without limiting the other provisions of this section, the regulations may
provide that a licensee must not close a general trust account except as
permitted by the regulations, either generally or in any prescribed
circumstances.