Victorian Consolidated Legislation

Conveyancers Act 2006 - SECT 69

Holding, disbursing and accounting for trust money

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.