127What records must be kept

127 What records must be kept (1) A licensed agent must record the material details of every transaction the agent conducts. (2) A regulation may prescribe other records that a licensed agent must make. (3) A licensed agent must make the prescribed records. (4) A licensed agent commits an offence if the agent fails to comply with subsection (1) or (3). (5) A person commits an offence if the person— (a) is a licensed agent or a former licensed agent; and (b) has made a record under subsection (1) or the regulations; and (c) does not keep the record for 5 years beginning on 30 September after the making of the record. Maximum penalty: 30 penalty units. Example—not keep record an electronic record made by a licensed agent is lost and no backup of the record was made (6) An offence against this section is a strict liability offence.