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CONVEYANCERS ACT 2006 - SECT 69 Holding, disbursing and accounting for trust money

CONVEYANCERS ACT 2006 - SECT 69

Holding, disbursing and accounting for trust money

    (1)     A licensee must—

        (a)     hold trust money deposited in a general trust account of the licensee exclusively for the person on whose behalf it is received; and

        (b)     disburse the trust money only in accordance with a direction given by the person.

Penalty:     120 penalty units.

    (2)     Subsection (1) applies subject to an order of a court of competent jurisdiction or as authorised by law.

    (3)     A licensee must account for the trust money as required by the regulations.

Penalty:     60 penalty units.