Victorian Consolidated Regulations

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ESTATE AGENTS (GENERAL, ACCOUNTS AND AUDIT) REGULATIONS 2008


TABLE OF PROVISIONS

   PART 1--INTRODUCTORY

   1.      Objective  
   2.      Authorising provision  
   3.      Revocation  
   4.      Definitions  

   PART 2--NOTIFICATION OBLIGATIONS AND FORMS

   5.      Notification of ineligibility  
   6.      Statement under section 51(1A)  
   7.      Statement to be given on the sale of a small business  
   8.      Embargo notice  

   PART 3--TRUST ACCOUNTS

           Division 1--General trust accounting

   9.      Establishment of trust account  
   10.     Estate agent's use of trust money  
   11.     Estate agent's notification of trust account deficiency  
   12.     Register of trust receipts  
   13.     Trust receipts  
   14.     Approval of alternative arrangement for duplicate receipts under section 63(3) of the Act  
   15.     Approval of alternative numbering of receipts under section 63(3B) of the Act  
   16.     Trust account deposit forms  
   17.     Register of trust cheques  
   18.     Record of trust money payments by cheque  
   19.     Record of trust money payments by electronic funds transfer  
   20.     Journal references  
   21.     Trust account cash receipts journal  
   22.     Trust account cash payments journal  
   23.     Recording transactions in the trust ledger accounts  
   24.     Transfer journal  
   25.     Trust account reconciliation statements  
   26.     Register of securities  

           Division 2--Computerised accounting system

   27.     Application  
   28.     Chronological record of information to be made  
   29.     Requirements regarding computerised accounting system controls  

           Division 3--Records

   30.     Records to be retained  
   31.     Back-up of electronic records  

           Division 4--Audit of trust accounts

   32.     Trust account reconciliation statements to be produced  
   33.     Production of statements required by sections 64(10) and 64(13) of the Act  
   34.     Trust account receipts—cessation of business  
   35.     Auditor's notification of trust account deficiency  

   PART 4--VICTORIAN PROPERTY FUND

   36.     Disallowance of a claim against the Fund  

   PART 5--INFRINGEMENT OFFENCES

   37.     Infringement offences and infringement penalties  
           SCHEDULE 1
           SCHEDULE 2
           SCHEDULE 3
           ENDNOTES


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