105AOpening trust accounts—exemptions

105A Opening trust accounts—exemptions (1) If a licensed property agent does not receive or hold trust money, the commissioner for fair trading may, in writing, exempt the agent from the requirements under section 105 (Opening trust accounts). (2) The exemption ends if the licensed property agent receives or holds trust money. (3) The exemption may be conditional. (4) A regulation may prescribe the matters to be considered by the commissioner for fair trading in deciding whether to exempt a licensed property agent under subsection (1), or amend or revoke an exemption. (5) A condition under this section may be put or amended as if it were a condition on a licence. Note The procedure for putting or amending licence conditions is dealt with in s 34 (2), (3) and (4).