105Opening trust accounts

105 Opening trust accounts (1) A licensed property agent must keep an account (a trust account) at an authorised deposit-taking institution in the ACT under a name that includes— (a) the name of the agent or, if the agent carries on business under a business name or in partnership, the business name or the name of the partnership; and (b) the words ‘trust account’. (2) A licensed property agent may keep more than 1 trust account. (3) When opening a trust account, a licensed property agent must tell the authorised deposit-taking institution, in writing, that the account is a trust account for this Act.

(4) A licensed property agent must give to the commissioner for fair trading, in writing, the details of each trust account held by the agent and, if the agent opens a new trust account, of each new trust account. (5) The details must be given to the commissioner for fair trading within 7 business days after the day the agent becomes a licensed property agent or the agent opens the new trust account. Note Trust money received by a licensed property agent must be paid into the agent’s trust account by the next ADI business day after the day the agent receives the money (see s 107 (2)). (6) A licensed property agent must ensure that the words ‘trust account’ appear in every mention of a trust account in the records of the agent and every cheque drawn on a trust account. (7) A licensed property agent may, under section 105A, be exempted from the requirements under this section.