ACTIn ForceAct
Agents Act 2003
108Licensed property agents to notify of overdrawn trust
Start here
Get a plain-English read of 108
Turn the raw legal text into a practical explanation grounded in Agents Act 2003.
108 Licensed property agents to notify of overdrawn trust
accounts
(1) A licensed property agent commits an offence if the agent—
(a) finds out that the agent’s trust account has become overdrawn;
and
(b) does not, within 5 business days after the day the agent finds out,
tell the commissioner for fair trading in writing that the account
has become overdrawn and provide—
(i) details of the overdrawn account; and
(ii) the amount by which the account is overdrawn; and
(iii) the reason for the account being overdrawn.