sec.53APower to require particular information

### sec.53A Power to require particular information The commissioner may, by written notice, require any of the following entities to give stated information, or copies of documents, to the commissioner within the period stated in the notice (the compliance period )— the trustee for a project trust or retention trust; a beneficiary for a project trust or retention trust; a person that was a trustee or beneficiary mentioned in paragraph (a) or (b) ; an entity that has taken control of the financial affairs of a trustee or beneficiary mentioned in paragraph (a) or (b) ; a financial institution; an auditor; another person the commissioner believes has information about a project trust or retention trust. However, the requirement may relate to only the following information or documents— trust account records required to be kept under section 52 ; the contract to which the project trust or retention trust relates; information about amounts deposited into, or withdrawn from, a trust account; details of the financial institution at which a trust account is held; information that enables the commissioner to contact the beneficiaries of a project trust or retention trust; the details of an account at a financial institution into which a beneficiary of a project trust or retention trust is to be paid amounts from a trust account; other information the commissioner reasonably considers necessary to exercise the commissioner’s powers under this division or to investigate an entity’s compliance with this Act. The compliance period must not be less than 5 business days after the day the notice is given to the entity. The entity must comply with the requirement within the compliance period. Maximum penalty—100 penalty units. s 53A ins 2020 No. 24 s 63 amd 2024 No. 14 s 45 (sec.53A-ssec.1) The commissioner may, by written notice, require any of the following entities to give stated information, or copies of documents, to the commissioner within the period stated in the notice (the compliance period )— the trustee for a project trust or retention trust; a beneficiary for a project trust or retention trust; a person that was a trustee or beneficiary mentioned in paragraph (a) or (b) ; an entity that has taken control of the financial affairs of a trustee or beneficiary mentioned in paragraph (a) or (b) ; a financial institution; an auditor; another person the commissioner believes has information about a project trust or retention trust. (sec.53A-ssec.2) However, the requirement may relate to only the following information or documents— trust account records required to be kept under section 52 ; the contract to which the project trust or retention trust relates; information about amounts deposited into, or withdrawn from, a trust account; details of the financial institution at which a trust account is held; information that enables the commissioner to contact the beneficiaries of a project trust or retention trust; the details of an account at a financial institution into which a beneficiary of a project trust or retention trust is to be paid amounts from a trust account; other information the commissioner reasonably considers necessary to exercise the commissioner’s powers under this division or to investigate an entity’s compliance with this Act. (sec.53A-ssec.3) The compliance period must not be less than 5 business days after the day the notice is given to the entity. (sec.53A-ssec.4) The entity must comply with the requirement within the compliance period. Maximum penalty—100 penalty units. - (a) the trustee for a project trust or retention trust; - (b) a beneficiary for a project trust or retention trust; - (c) a person that was a trustee or beneficiary mentioned in paragraph (a) or (b) ; - (d) an entity that has taken control of the financial affairs of a trustee or beneficiary mentioned in paragraph (a) or (b) ; - (e) a financial institution; - (f) an auditor; - (g) another person the commissioner believes has information about a project trust or retention trust. - (a) trust account records required to be kept under section 52 ; - (b) the contract to which the project trust or retention trust relates; - (c) information about amounts deposited into, or withdrawn from, a trust account; - (d) details of the financial institution at which a trust account is held; - (e) information that enables the commissioner to contact the beneficiaries of a project trust or retention trust; - (f) the details of an account at a financial institution into which a beneficiary of a project trust or retention trust is to be paid amounts from a trust account; - (g) other information the commissioner reasonably considers necessary to exercise the commissioner’s powers under this division or to investigate an entity’s compliance with this Act.