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Conveyancers Licensing Act 2003
58Overdrawn trust accounts
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58 Overdrawn trust accounts
58 Overdrawn trust accounts
When an authorised deposit-taking institution becomes aware that a trust account kept with it under this Part is overdrawn, the institution must as soon as practicable (and in any case within 5 business days) after becoming so aware inform the Secretary of the following by notice in writing—
(a) the name and business address of the licensee concerned,
(b) the name and number of the account,
(c) the date on which the account became overdrawn,
(d) the amount by which the account is overdrawn.
Maximum penalty—100 penalty units.