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.