7Failure to account

7 Failure to account (1) In this Act, a ***failure to account*** means a failure by a licensee to account for, pay or deliver money or other valuable property— (a) that has been received or entrusted to the licensee, or an associate of the licensee, in the course of the licensee's conveyancing business; and (b) in the case of money or other valuable property received by or entrusted to an associate of the licensee, that is under the direct or indirect control of the licensee— whether the failure arises from an act or omission of the licensee or an associate of the licensee. (2) For the purposes of subsection (1), the reference to money or other valuable property received by or entrusted to a licensee includes a reference to money or other valuable property received by or entrusted to the licensee as trustee, agent, bailee or stakeholder, or in any other capacity. Part 2—Licensing of conveyancers Division 1—Requirement for licensing 8 Conveyancers to be licensed (1) A person who is not a licensee must not carry on a conveyancing business. 1. For a natural person, imprisonment for a period of 2 years or 240 penalty units; For a corporation, 1200 penalty units. (2) Subsection (1) does not apply to a person who is— (a) an Australian legal practitioner; or (b) an incorporated legal practice if the conveyancing work is carried out on its behalf by an Australian legal practitioner. (3) In any proceedings against a person for an offence against subsection (1), it is evidence of the offence if a person who is not a licensee— (a) has possession of a licence; or (b) represents himself or herself as the holder of a licence. (4) A person is not entitled to recover any amount in respect of anything the person did in contravention of subsection (1). (5) A person may recover from another person in a court of competent jurisdiction, as a debt due to the person, any amount the person paid to the other person in respect of anything the other person did in contravention of subsection (1).