119Unclaimed trust money held by licensed property agents

119 Unclaimed trust money held by licensed property agents (1) This section applies if, on 1 July of a year, a licensed property agent holds trust money received by the agent more than 3 years before that day (the unclaimed money). (2) The licensed property agent must give the commissioner for fair trading a statement under section 122 (Content of statements), made up as at 1 July, about the unclaimed money by 31 July of the same year. (3) The regulations may provide that subsection (2) does not apply in relation to unclaimed money exempted by regulation (the exempt unclaimed money). (4) The licensed property agent must keep a written record of any exempt unclaimed money held by the agent.