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Building Industry Fairness (Security of Payment) Act 2017
sec.55BReports, records and information
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### sec.55B Reports, records and information
A financial institution at which a trust account is kept must, as soon as practicable after becoming aware that the account is overdrawn, report that matter to the commissioner in the way agreed under section 55 .
Maximum penalty—50 penalty units.
A financial institution at which a trust account is kept must, if asked by a special investigator who has provided the institution with evidence of the investigator’s appointment in relation to the trustee—
provide, for inspection or copying by the investigator, requested records relating to the account or money deposited into the account; and
provide the investigator with complete details of any transactions relating to the account.
Maximum penalty—50 penalty units.
A financial institution must provide the records and details under subsection (2) without charge.
Subsections (1) and (2) apply despite any duty of confidence to the contrary.
Neither the financial institution at which a trust account is kept, nor an officer or employee of the institution, is liable to any action for loss or damage suffered by a person as a result of—
reporting a matter under subsection (1) ; or
providing records or details under subsection (2) .
s 55B ins 2020 No. 24 s 63
(sec.55B-ssec.1) A financial institution at which a trust account is kept must, as soon as practicable after becoming aware that the account is overdrawn, report that matter to the commissioner in the way agreed under section 55 . Maximum penalty—50 penalty units.
(sec.55B-ssec.2) A financial institution at which a trust account is kept must, if asked by a special investigator who has provided the institution with evidence of the investigator’s appointment in relation to the trustee— provide, for inspection or copying by the investigator, requested records relating to the account or money deposited into the account; and provide the investigator with complete details of any transactions relating to the account. Maximum penalty—50 penalty units.
(sec.55B-ssec.3) A financial institution must provide the records and details under subsection (2) without charge.
(sec.55B-ssec.4) Subsections (1) and (2) apply despite any duty of confidence to the contrary.
(sec.55B-ssec.5) Neither the financial institution at which a trust account is kept, nor an officer or employee of the institution, is liable to any action for loss or damage suffered by a person as a result of— reporting a matter under subsection (1) ; or providing records or details under subsection (2) .
- (a) provide, for inspection or copying by the investigator, requested records relating to the account or money deposited into the account; and
- (b) provide the investigator with complete details of any transactions relating to the account.
- (a) reporting a matter under subsection (1) ; or
- (b) providing records or details under subsection (2) .