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Agents Licensing Act 1979
118Withholding of deposit
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118 Withholding of deposit Where an agent is authorised to retain in a trust account money received as a deposit in respect of a transaction in the capacity of agent and the money is to be withheld or not repaid, the agent shall, within a period of 14 days from the completion of the transaction, inform in writing all persons involved, including his or her client, of the reason for withholding or not repaying the money.