Victorian Consolidated Legislation

Conveyancers Act 2006 - SECT 71

Controlled money

71. Controlled money



(1) As soon as practicable after receiving controlled money, a licensee must
deposit the money in the account specified in the written direction relating
to the money.

Penalty: 120 penalty units.

(2) The licensee must hold controlled money deposited in a controlled money
account in accordance with subsection (1) exclusively for the person on whose
behalf it was received.

Penalty: 120 penalty units.

(3) A licensee that holds controlled money deposited in a controlled money
account in accordance with subsection (1) must not disburse the money except
in accordance with-

   (a)  the written direction mentioned in that subsection; or

   (b)  a later written direction given by or on behalf of the person on whose
        behalf the money was received.

Penalty: 120 penalty units.

(4) The licensee must maintain the controlled money account, and account for
the controlled money, as required by the regulations.

Penalty: 60 penalty units.

(5) The licensee must keep a written direction mentioned in this section for
the period prescribed by the regulations.

Penalty: 60 penalty units.

(6) The licensee must ensure that the controlled money account is used for the
deposit of controlled money received on behalf of the person referred to in
subsection (2), and not for the deposit of controlled money received on behalf
of any other person, except to the extent that the regulations otherwise
permit.

Penalty: 120 penalty units.

(7) Subsection (3) applies subject to an order of a court of competent
jurisdiction or as authorised by law.