sec.17Investments—property agents

### sec.17 Investments—property agents A property agent under the Property Occupations Act 2014 may invest an amount under subsection (2) if— the agent receives the amount for a sale; and the sale is to be completed on a day that is— stated in the contract or ascertainable on the day the contract is entered into; and more than 60 days after the amount is received; and the amount is received with a direction from all parties to the sale that it be invested. The agent must pay the amount as required by the direction to a special trust account with a branch of a financial institution within the State operated for the investment of the amount. Maximum penalty for subsection (2) —200 penalty units or 2 years imprisonment. (sec.17-ssec.1) A property agent under the Property Occupations Act 2014 may invest an amount under subsection (2) if— the agent receives the amount for a sale; and the sale is to be completed on a day that is— stated in the contract or ascertainable on the day the contract is entered into; and more than 60 days after the amount is received; and the amount is received with a direction from all parties to the sale that it be invested. (sec.17-ssec.2) The agent must pay the amount as required by the direction to a special trust account with a branch of a financial institution within the State operated for the investment of the amount. Maximum penalty for subsection (2) —200 penalty units or 2 years imprisonment. - (a) the agent receives the amount for a sale; and - (b) the sale is to be completed on a day that is— (i) stated in the contract or ascertainable on the day the contract is entered into; and (ii) more than 60 days after the amount is received; and - (i) stated in the contract or ascertainable on the day the contract is entered into; and - (ii) more than 60 days after the amount is received; and - (c) the amount is received with a direction from all parties to the sale that it be invested. - (i) stated in the contract or ascertainable on the day the contract is entered into; and - (ii) more than 60 days after the amount is received; and