This Regulation prescribes licensing, conduct and trust-account rules for licensed conveyancers in New South Wales — setting fees and indexing, compulsory professional indemnity, detailed trust‑money and recordkeeping requirements, rules of conduct, dispute procedures and penalty notices.
It primarily affects licence applicants and holders, their workplaces and clients, and gives the Secretary and Tribunal key administrative discretions; it matters because it imposes concrete compliance costs, operational IT/accounting constraints and enforceable sanctions.
This Regulation operationalises the Conveyancers Licensing Act 2003 by prescribing fees, recordkeeping, trust-account procedures, conduct rules, and enforcement mechanisms that apply to licensed conveyancers in New South Wales. Mechanically, it replaces the Conveyancers Licensing Regulation 2015 (s 39(1)), commences on publication (s 2), and prescribes the departmental account known as the Compensation Fund as the Operating Account referred to in the Act (s 4). It sets the application, renewal and restoration fees in Schedule 1 (s 5; Schedule 1 Part 1) and defines how those amounts are expressed in fee units and indexed annually by reference to the Sydney CPI (Part 2 of Schedule 1, ss 1-4). It prescribes a professional indemnity insurance requirement for licence-holders who carry out conveyancing work, and the form of approval for an insurance policy (s 6).
On practice and compliance, the Regulation prescribes detailed rules for the conduct of conveyancing business: who may be a licensee-in-charge and the matters the Secretary must consider in granting exemptions to permit one licensee to be in charge of multiple places or to act for multiple principals (s 7); rules of conduct that licensees must follow (Schedule 2, prescribed by s 8); a prohibition on concurrently conducting an agent’s business (s 9); disclosure obligations about costs and estimates (s 10); procedures for serving and delivering itemised accounts (s 11); and processes for costs disputes, including notification timing to the Tribunal and cost sharing where the Tribunal sends matters for independent expert assessment (ss 12-13, 14).
The Regulation sets extensive trust-account and recordkeeping regimes (Part 5 Divisions 1-2 and Part 6). It prescribes the records to be kept (trust receipt book, deposit book, cash book, ledgers, journals, trial balances, and client files) and the frequency and form of reporting (ss 15-19, 21-31). Electronic-record systems are regulated: audit trails, sequencing of journal references, restrictions on deletion and amendment of ledger transactions, required backup frequency and off-site storage (s 18). Procedures for deposit, receipt, withdrawal and transfer of trust money are mandated, including the time for banking trust money (s 21), receipt particulars (s 22), permitted methods to draw trust money (cheque or electronic funds transfer), checks on cheque form and electronic transfer recordkeeping (s 23), and timing for deposit and withdrawal of aggregated licensee accounts (s 30).
Current sections
Direct links to the current provisions in Conveyancers Licensing Regulation 2021.
The Act and the Interpretation Act 1987 contain definitions and other provisions that affect the interpretation and application of this Regulation.
4
Operating Account—the Act, s 90
4 Operating Account—the Act, s 90
4 Operating Account—the Act, s 90
The departmental account known as the Compensation Fund is prescribed for the purposes of the Act, section 90, definition of Operating Account.
Part 2
Licensing
Part 2 Licensing
Part 2 Licensing
5
Fees for licence—the Act, ss 12 and 89
5 Fees for licence—the Act, ss 12 and 89
5 Fees for licence—the Act, ss 12 and 89
(1) The application fees payable for the purposes of the Act are listed in Schedule 1, Part 1.
(2) An amount specified for an application fee in Schedule 1, Part 1, Column 3 under the heading Processing component is taken to be a fee to cover the costs incurred by the Secretary in processing the application.
Note—
This amount is consequently a processing fee for the purposes of the Licensing and Registration (Uniform Procedures) Act 2002, Part 2. If an application is made by electronic communication, the processing fee is discounted (see that Act, section 13). If an application is refused or withdrawn, the applicant is entitled to a refund of all fees paid, other than the processing fee (see that Act, section 22).
(3) The total application fee is set out in Schedule 1, Part 1, Column 4.
(4) Additionally, licence holders must pay the contribution to, and any levy for, the Compensation Fund required under the Property and Stock Agents Act 2002, section 167A, 168 or 169.
(5) A licence holder must pay the same contribution to the Compensation Fund as the holder of a class 1 licence under the Property and Stock Agents Act 2002.
s 5: Am 2025 (275), Sch 1[1]–[5].
6
Professional indemnity insurance—the Act, s 15
6 Professional indemnity insurance—the Act, s 15
6 Professional indemnity insurance—the Act, s 15
(1) A licensee must, when carrying out conveyancing work, be insured under a policy of professional indemnity as required under subsection (2).
(2) The licensee is insured as required under this section if—
(a) the licensee is insured under an approved professional indemnity insurance policy in force with respect to the licensee or the licensee’s employer, or
(b) the licensee carries out conveyancing work only in the licensee’s capacity as an employee of a complying law practice.
(3) In this section—
approved professional indemnity insurance policy means a policy, or a policy of a kind, that is approved by the Secretary for the time being by order published on the NSW legislation website.
complying law practice has the same meaning as a law practice in the Legal Profession Uniform Law (NSW) that complies with the relevant requirements of the Law, Part 4.4.
Part 3
Conduct of conveyancing business
Part 3 Conduct of conveyancing business
Part 3 Conduct of conveyancing business
7
Exemptions from provisions authorising person in charge of business—the Act, s 20
7 Exemptions from provisions authorising person in charge of business—the Act, s 20
7 Exemptions from provisions authorising person in charge of business—the Act, s 20
(1) The Secretary must take into account the following matters in considering whether to grant an exemption from a provision of the Act, section 20 that will authorise a licensee to be the person in charge of business (the licensee-in-charge) at more than 1 place of business of a licensee or to exercise functions or provide services on behalf of 2 or more licensees at a place of business—
(a) the reasons given by the licensee for why the exemption is needed,
(b) the licensee’s previous experience as licensee-in-charge at a place of business of a licensee,
(c) the capacity of the licensee to comply with any guidelines issued by the Secretary under the Act, section 21(3),
(d) the record of the licensee regarding compliance with—
(e) employer references for the licensee’s experience as a licensee-in-charge.
(2) The Secretary must take into account the following additional matters in considering whether to grant an exemption from the Act, section 20(1), (2) or (3) that will authorise a licensee to be the licensee-in-charge at more than 1 place of business of a licensee—
(a) the capacity of the licensee to properly supervise the conduct of business at more than 1 place of business,
(b) the office systems proposed to be established at each place of business to provide for accountability to the licensee-in-charge at each place of business,
(c) the proposed staffing and office management arrangements at each place of business,
(d) whether there is a centralised trust account for the deposit of trust money received in connection with the businesses for which the licensee will be the licensee-in-charge under the exemption.
(3) The Secretary must take into account the following additional matters in considering whether to grant an exemption from the Act, section 20(4) that will authorise a licensee employed as the licensee-in-charge at a place of business to exercise functions or provide services on behalf of 2 or more licensees (the principal licensees) at the place of business—
(a) the capacity of the licensee to properly supervise the conduct of business of more than 1 principal licensee,
(b) the fiduciary safeguards and office systems proposed to be established to provide for accountability to the licensee-in-charge,
(c) whether separate trust accounts are in place for the deposit of trust money received in connection with the business of each principal licensee.
8
Rules of conduct—the Act, s 22
8 Rules of conduct—the Act, s 22
8 Rules of conduct—the Act, s 22
(1) The rules set out in Schedule 2 are prescribed as rules of conduct for the conduct of a conveyancing business or the exercise of functions under a licence.
(2) A licensee must comply with the rules set out in Schedule 2 in the course of conducting a conveyancing business or exercising functions under a licence.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
9
Conduct of other businesses—the Act, s 28
9 Conduct of other businesses—the Act, s 28
9 Conduct of other businesses—the Act, s 28
(1) A licensee who conducts a conveyancing business, or is employed in the conduct of a conveyancing business, is prohibited from conducting, or being employed in the conduct of, the business of an agent.
(b) within 60 days after the licensee has given the client the bill or account for the costs the subject of the dispute.
13
Costs of assessment—the Act, s 45
13 Costs of assessment—the Act, s 45
13 Costs of assessment—the Act, s 45
If the Tribunal refers a costs dispute to an independent expert for assessment, the parties must bear the costs of the assessment in the way ordered by the Tribunal.
14
Transfer of proceedings to or from other courts or tribunals—the Act, s 50(2)
14 Transfer of proceedings to or from other courts or tribunals—the Act, s 50(2)
14 Transfer of proceedings to or from other courts or tribunals—the Act, s 50(2)
(1) Proceedings must be transferred by order of the court hearing the costs dispute.
(2) Notice of the transfer must be given to the principal registrar of the Tribunal by the registrar of the court hearing the costs dispute.
(3) All documents relating to the proceedings in the custody of the court hearing the costs dispute must be transferred by the registrar of the court to the principal registrar of the Tribunal.
(4) On receiving the notice of transfer and accompanying documents, the principal registrar must serve on the parties a notice fixing a date and time for the holding of the hearing or a directions hearing for the proceedings.
Part 5
Trust money
Part 5 Trust money
Part 5 Trust money
Division 1
General
Division 1 General
Division 1 General
15
Definitions
15 Definitions
15 Definitions
In this Part—
cash book means the record required to be kept under section 17(c).
trust account means a trust account required to be maintained under the Act, section 53.
trust receipt book means the record required to be kept under section 17(a).
viewable form, in relation to a record, means a form that enables the production of the record, on demand, in permanent legible form in the English language.
16
Keeping of records generally
16 Keeping of records generally
16 Keeping of records generally
(1) For the purposes of the Act, section 172(2)(d), a licensee must keep the records required to be kept under this Part in viewable form.
(2) A licensee must keep the records, including any records kept electronically, at the place of business where the licensee conducts the conveyancing business under the licence.
(3) A licensee who conducts a conveyancing business under a licence at more than 1 place of business is taken to comply with subsection (2) if the licensee—
(a) keeps the records relating to business transacted at a particular place of business at that place of business, or
(b) keeps the records relating to the business transacted at each place of business at 1 place of business specified in a written notice given to the Secretary.
(4) A licensee must, within 21 days after the end of each named month—
(a) compile with the records kept by the licensee under this Part the original, or a true copy, of the trial balance statement prepared by the licensee in accordance with section 28 for the named month, and
(b) maintain a summary of the total of trust money disclosed in the trial balance statements for the named month.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
17
Specific records to be kept by licensees
17 Specific records to be kept by licensees
17 Specific records to be kept by licensees
For the purposes of the Act, section 172(2)(d), a licensee must keep the following records—
(a) a trust receipt book containing the duplicates of all receipts issued from the trust receipt book, with the duplicates being machine-numbered consecutively to correspond with the machine-numbered receipts,
(b) a deposit book of an authorised deposit-taking institution approved by the Secretary under the Act, section 54, for the purposes of the Act, Part 5, showing all deposits made by the licensee into the trust account or other written or electronic record showing the deposits,
(c) a trust account cash book or other written or electronic record of all receipts of amounts required to be paid into, and of all payments made from, the trust account.
18
Electronic records
18 Electronic records
18 Electronic records
(1) For the purposes of the Act, section 172(2)(d), a licensee who keeps records for the purposes of this Part electronically must comply with this section.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
(2) The licensee must keep a record, compiled in chronological sequence, of all changes, by creation, amendment or deletion, to any of the following information kept electronically, showing the details of the information before and after the change—
(a) client name,
(b) client address,
(c) matter number,
(d) matter description,
(e) client number,
(f) trust account number.
(3) The licensee must ensure that computer programs relating to ledgers are not capable of the following—
(a) accepting the entry of a transaction resulting in a debit balance to an account unless a contemporaneous record of the transaction is made in a way that enables the production in viewable form, of a separate chronological report of each transaction,
(b) amending the particulars of a transaction already recorded otherwise than by a separate transaction effecting the amendment,
(c) deleting an account unless—
(i) the balance of the account is zero, and
(ii) when the account is deleted, a record of the account will be kept in viewable form.
(4) The licensee must also ensure the following—
(a) each computer program requires input in each field of a data entry screen intended to receive information required, under this Regulation, to be included in trust records,
(b) entries in the ledger of a journal balance before further entries are made,
(c) journal reference numbers are allocated in sequence by the computer program,
(d) entries in a record kept in viewable form appear in chronological sequence,
(e) a report, or each page of or entry in a report, is numbered in sequence by the computer program in a manner that enables easy verification of the completeness of the records required to be kept under this Regulation,
(f) a back-up copy of all records required to be kept under this Regulation that are kept electronically is made by electronic means at least once in every four weeks,
(g) the most recent back-up copy is kept in a place where any incident, including, for example, a power failure, that could adversely affect the records would not also affect the back-up copy.
s 18: Am 2024 No 25, Sch 2.2[1] [2].
19
Statements of account—the Act, s 172
19 Statements of account—the Act, s 172
19 Statements of account—the Act, s 172
(1) A licensee must give each person for whom or on whose behalf money is held by the licensee a separate statement of account for the ledger account maintained for the person.
(2) The statement of account must be given—
(a) within 14 days after the licensee receives a written request for the statement from the person, and
(b) within 21 days after each of the following—
(i) completion of the matter to which the ledger account relates,
(ii) the closure and removal of the account from the relevant ledger,
(iii) except as provided by subsection (4)—31 March and 30 September in each year.
(3) The statement of account must—
(a) contain the following particulars—
(i) the money received and held by the licensee for or on behalf of the person during the licensee’s conveyancing business,
(ii) the disbursement of the money,
(iii) the remaining balance of the money, and
(b) identify the transactions to which the particulars relate.
(4) A licensee is not required to give a statement of account under subsection (2)(b)(iii) if, at the relevant day—
(a) the account has been open for less than 6 months, or
(b) the balance of the account is zero and no transaction affecting the account has taken place within the preceding 6 months, or
(c) a statement of account has been given within the preceding 6 months and there has been no subsequent transaction affecting the account, or
(d) the licensee has received a notice under subsection (5) waiving compliance with the requirement and has not received notice of revocation of the waiver.
(5) A person for whom or on whose behalf money is held by a licensee—
(a) may, by written notice to the licensee in the form approved by the Secretary, waive compliance by the licensee with the requirements of subsection (2)(b)(iii), and
(b) may, by further written notice to the licensee, revoke the waiver.
(6) A licensee must keep a copy of a statement of account with the file to which it relates.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
20
Receipt and withdrawal of money for costs and disbursements—the Act, s 53(3)(a)
20 Receipt and withdrawal of money for costs and disbursements—the Act, s 53(3)(a)
20 Receipt and withdrawal of money for costs and disbursements—the Act, s 53(3)(a)
(1) This section prescribes the procedure a licensee must follow to withdraw or receive, from trust money, money due to the licensee for costs.
(2) The licensee—
(a) must have disclosed, under the Act, Part 3, Division 5, the costs and other matters required to be disclosed under the Act, section 36 to the person from whom or on whose behalf the licensee has received the trust money, or
(b) must be able to claim, under the Act, section 39, that the disclosure was not required because, in the circumstances, it was not reasonable to require it.
(3) The licensee must give the person a bill or account of the costs together with written notice that, unless the person objects, the licensee intends, at the expiration of 30 days (the notice period) after giving the person the bill or account, to—
(a) withdraw the money, and
(b) apply it towards payment of the bill or account.
(4) One of the following circumstances must apply—
(a) the person has authorised in writing the withdrawal or receipt,
(b) the notice period has expired and the person has not, within the notice period, made an objection,
(c) the person has made an objection within the notice period but has not, within the period prescribed under section 12(b), notified the Tribunal of a dispute about the costs concerned.
Division 2
Trust accounts
Division 2 Trust accounts
Division 2 Trust accounts
21
Banking of trust money—the Act, s 172
21 Banking of trust money—the Act, s 172
21 Banking of trust money—the Act, s 172
A licensee who receives trust money must pay the trust money into the licensee’s trust account—
(a) if practicable—before the end of the next banking day after the day of its receipt, or
(b) otherwise—as soon as practicable after that day.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
22
Receipts for trust money
22 Receipts for trust money
22 Receipts for trust money
(1) For the purposes of the Act, section 172(2)(d), a licensee must cause a receipt to be prepared immediately after the licensee receives trust money for or on behalf of a person.
(2) The receipt must include the following details—
(a) the date the receipt was prepared,
(b) the number of the receipt,
(c) the name of the licensee, or, if appropriate, the business name under which the licensee conducts the conveyancing business, and the words “Trust Account”,
(d) the name of the person from whom the payment was received,
(e) the name and ledger reference number of the person on whose behalf the payment was made,
(f) particulars sufficient to identify the transaction for which the money was paid,
(g) the amount of trust money received and whether, or the extent to which, it was paid in cash, by cheque, by electronic funds transfer or otherwise.
(3) A copy of the details shown on the receipt must be made simultaneously—
(a) if the receipt is issued from the trust receipt book—on the machine-numbered duplicate form provided in the trust receipt book, or
(b) otherwise—in the cash book.
(4) Receipts must be prepared in the numerical order of the series to which the receipts belong.
(5) The original of a receipt must be given, on demand, to the person from whom the trust money is received.
(6) The licensee must keep—
(a) any original receipt that is not given to the person from whom the trust money is received, and
(b) any original receipt that is cancelled after the receipt is prepared, and
(c) duplicate receipts, other than receipts referred to in subsection (3)(b).
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
23
Payment of trust money—the Act, s 172
23 Payment of trust money—the Act, s 172
23 Payment of trust money—the Act, s 172
(1) A licensee must ensure that trust money is not drawn from the licensee’s trust account other than by cheque or electronic funds transfer.
(2) A cheque drawn from the licensee’s trust account must—
(a) be machine numbered in series, and
(b) be marked “not negotiable”, and
(c) not be payable to cash, and
(d) contain the name of the licensee, or, if appropriate, the business name under which the licensee conducts the conveyancing business, and the words “Trust Account”, and
(e) be signed by the licensee or another person authorised under section 29 to sign the cheque.
(3) The licensee must ensure—
(a) each cheque is drawn in the numerical order of the series to which the cheque belongs, and
(b) a record of the following is kept for each cheque—
(i) the number of the cheque,
(ii) the date the cheque was prepared,
(iii) the payee for the cheque,
(iv) the amount of the cheque,
(v) details identifying the ledger account to be debited,
(vi) the name and ledger reference number of the person on whose behalf the cheque was drawn,
(vii) the reason for drawing the cheque.
(4) The licensee must ensure a record of the following is kept for each electronic funds transfer from the licensee’s trust account—
(a) the name of the person effecting the transfer,
(b) if the transfer is effected under the direction of another person or under an authority delegated under section 29—the name of the person under whose direction or delegation the transfer is effected,
(c) the reference number or other particulars sufficient to identify—
(i) the transfer, and
(ii) the date of the transfer, and
(iii) the payee and the amount transferred to or from each ledger account,
(d) details identifying—
(i) the ledger accounts to be debited, and
(ii) the name and ledger reference number of each person on whose behalf the transfer was made,
(e) particulars of the reason for the transfer.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
24
Trust deposits
24 Trust deposits
24 Trust deposits
(1) For the purposes of the Act, section 172(2)(d), a licensee who makes a deposit of money to the licensee’s trust account must ensure that—
(a) the relevant deposit book or other written deposit record is produced to the bank when the deposit is made, and
(b) the following particulars are entered in the book or record—
(i) the date of the deposit,
(ii) the amount of the deposit,
(iii) whether the deposit consists of cheques, notes or coins,
(iv) if cheques are included in the deposit—
(A) the name of the drawer, and
(B) the name and branch of the bank on which the cheque is drawn, and
(C) the amount of each cheque,
(c) a duplicate of the particulars of each deposit is kept by the licensee.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
(2) This section does not apply to a deposit of money made directly to a licensee’s trust account by a person other than the licensee, whether electronically or otherwise.
25
Cash book record of trust account transactions
25 Cash book record of trust account transactions
25 Cash book record of trust account transactions
(1) For the purposes of the Act, section 172(2)(d), a licensee must keep in the cash book a record of daily receipts and payments of money into and out of the licensee’s trust account.
(2) The pages of the cash book must be consecutively numbered.
(3) The cash book must show the following—
(a) the consecutive numbers of receipts issued or cancelled,
(b) the consecutive numbers of cheques drawn or cancelled,
(c) in the case of money received or disbursed by electronic funds transfer, the consecutive reference numbers or other means of identification of the transfers.
(4) The licensee must enter the following particulars of payments of money into and out of a licensee’s trust account in the cash book as soon as is practicable after the receipt or payment of the money—
(a) for money required to be paid into the trust account that is received—the following—
(i) the date the receipt was prepared,
(ii) the number of the receipt,
(iii) the name of the person from whom the payment was received,
(iv) the name and ledger reference number of the person on whose behalf the payment was made,
(v) particulars sufficient to identify the transaction for which the money was paid,
(vi) the amount of money received,
(vii) whether, or the extent to which, the money was paid in cash, by cheque, by electronic funds transfer or otherwise,
(viii) the date of the deposit of the money to the trust account,
(ix) the amount of the deposit,
(b) for money paid out of trust account by cheque—the particulars required under section 23(3),
(c) for money paid out of the trust account by electronic funds transfer—the particulars required under section 23(4).
(5) At the end of each month, the licensee must balance the cash book and either—
(a) carry forward the balance to the commencement of the next month, or
(b) carry forward the balance to a ledger account provided for the purpose.
(6) At the end of each month, the licensee must prepare a statement reconciling the balance of the licensee’s trust account with the balance of the related cash book.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
26
Journal
26 Journal
26 Journal
(1) For the purposes of the Act, section 172(2)(d), a licensee must record in a journal, maintained exclusively for the licensee’s trust account, all transfers between accounts in the trust account ledger that are not effected by cheque or electronic funds transfer.
(2) The recording must include the following—
(a) the date of the transfer,
(b) the amount transferred to and from each ledger account,
(c) the names of all ledger accounts to be debited or credited,
(d) the relevant reference number or other identifier,
(e) sufficient particulars to identify the transfer and the reason for the transfer.
(3) Each transfer, when entered in the journal, is to be numbered consecutively.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
27
Trust account ledger
27 Trust account ledger
27 Trust account ledger
(1) For the purposes of the Act, section 172(2)(d), a licensee must maintain a separate ledger account for trust money received on behalf of or paid to each client.
(2) The ledger account must include—
(a) the name of the client, and
(b) a reference number or other identifier, and
(c) the following particulars of each transaction affecting trust money—
(i) the date of the transaction,
(ii) a description of the transaction,
(iii) particulars sufficient to identify the trust record originating the transaction,
(iv) the amount of the transaction,
(v) the resulting current balance of account arising from the transaction.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
28
Trust account ledger trial balance
28 Trust account ledger trial balance
28 Trust account ledger trial balance
(1) For the purposes of the Act, section 172(2)(d), within 21 days after the end of each named month, a licensee must prepare a trial balance statement of all ledger accounts current as at the end of the named month.
(2) The trial balance statement must—
(a) specify the month to which it refers, and
(b) specify the date of its preparation, and
(c) list each ledger account that does not have a zero balance at the end of that month by stating the following—
(i) the name of the client,
(ii) the reference number or other identifier,
(iii) the balance of the account at the end of the month, and
(d) show the total of the ledger account balances at the end of the month, and
(e) show a comparison between the total and the balance in the cash book reconciled with the balance in the trust account required under section 25(6).
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
29
Signing of cheques or effecting electronic funds transfers—trust account—the Act, s 172
29 Signing of cheques or effecting electronic funds transfers—trust account—the Act, s 172
29 Signing of cheques or effecting electronic funds transfers—trust account—the Act, s 172
(1) A licensee that is a corporation, or who is a sole proprietor or a partner, has authority to—
(a) sign a cheque (a trust cheque) drawn on the licensee’s trust account, or
(b) to effect an electronic funds transfer (a trust EFT) from the licensee’s trust account.
(2) A licensee in charge of a place of business has authority to—
(a) sign a trust cheque, or
(b) effect a trust EFT.
(3) A licensee who has authority, other than under a delegation, to sign trust cheques or effect trust EFTs may delegate the licensee’s authority—
(a) if the licensee is a corporation—
(i) to 1 or more persons who are directors of the corporation and who are licensees, and
(ii) to not more than 2 employees at each place of business of the corporation, or
(b) if the licensee is a sole proprietor or a partner—to not more than 2 employees at each place of business of the sole proprietor or partnership, or
(c) if the licensee is a person in charge of a place of business—to not more than 2 employees at the place of business.
(4) The delegation must be—
(a) in writing, and
(b) signed by the licensee and the delegate.
(5) The delegation may be revoked by the delegator by giving written notice to the delegate.
(6) A delegation in force authorises the delegate to sign trust cheques or effect trust EFTs to which the delegation relates—
(a) for a delegation by a licensee other than a corporation—only if the licensee is unable to sign the cheque or effect the transfer with due expedition because the licensee is sick, injured or absent for good reason, and
(b) subject to any terms and conditions, whether relating to the value of the cheques or transfers or the number of signatories, stated in the instrument of delegation.
(7) This section does not affect any additional prohibition or restriction on the signing of trust cheques or the effecting of trust EFTs imposed by—
(a) the constitution of any relevant company, or
(b) the partnership agreement of any relevant partnership.
(8) A licensee who purports to delegate the licensee’s authority to sign a trust cheque or effect a trust EFT other than in accordance with this section is guilty of an offence.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
(9) A person who signs a trust cheque or effects a trust EFT purporting to do so as the delegate of a licensee but who has not been authorised to do so in accordance with this section is guilty of an offence.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
30
Account in the name of a licensee—the Act, s 172
30 Account in the name of a licensee—the Act, s 172
30 Account in the name of a licensee—the Act, s 172
(1) A licensee may maintain in the licensee’s trust account ledger an account in the licensee’s name—
(a) for the purpose of aggregating in the account, by transfer from other accounts in the trust account ledger, money properly due to the licensee for costs and disbursements, and
(b) for money in which the licensee has a personal and beneficial interest as a vendor, purchaser, mortgagor, mortgagee, lessor, lessee or other like capacity.
(2) The licensee must withdraw money held in an account under subsection (1)(a) not later than 21 days after the day on which the money is transferred to the account.
(3) The licensee must withdraw money held in an account under subsection (1)(b)—
(a) at the conclusion of the matter to which the money relates, or
(b) if the money comprises rent, interest, instalments of principal or other periodic payments—not later than 6 months after the date on which the money was credited to the account.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
Part 6
Records
Part 6 Records
Part 6 Records
31
Records that licensees must keep
31 Records that licensees must keep
31 Records that licensees must keep
(1) For the purposes of the Act, section 172(2)(d), a licensee must keep the following records relating to a transaction carried out by the licensee or the licensee’s employees in connection with conveyancing work carried out by the licensee or employees—
(a) originals or copies of all documents evidencing the transaction, including, for example, agreements, conveyances, transfers, leases and mortgages,
(b) all associated documents, including, for example, documents required by law to be attached to contracts for the sale of land, inspection reports, requisitions on title and responses to the requisitions,
(c) originals or copies of all other documents and records maintained, issued or received by the licensee or the licensee’s employees, including, for example, letters, file notes, invoices and settlement sheets.
(2) The licensee must ensure the records are kept in a separate file relating only to the transaction for the relevant client.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
32
Period for which records must be kept
32 Period for which records must be kept
32 Period for which records must be kept
(1) For the purposes of the Act, section 172(2)(d), a licensee must keep a record for at least 7 years after it is made and provide for its safe keeping throughout that time.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
(2) However, subsection (1) does not apply to the licensee if the record has passed to the lawful possession of another licensee or a solicitor as a consequence of the transfer of the licensee’s conveyancing business.
(3) In this section—
record—
(a) means a record required to be kept under section 31 or Part 5, and
(b) includes a record of which the licensee has lawfully acquired possession as a result of the transfer of a conveyancing business to the licensee.
33
Records and book entries to be in English language
33 Records and book entries to be in English language
33 Records and book entries to be in English language
For the purposes of the Act, section 172(2)(d), a licensee must ensure that all written records required to be made or produced by the licensee under the Act or this Regulation are in the English language.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
Part 7
General
Part 7 General
Part 7 General
34
The Register—the Act, s 162
34 The Register—the Act, s 162
34 The Register—the Act, s 162
(1) The Secretary must enter and keep in the Register required to be maintained under the Act, section 162, the following details for each licence issued under the Act—
(a) the name and business address of the person to whom the licence is issued,
(b) the number of the licence,
(c) date of issue and expiry,
(d) for a licence issued to a member of a partnership—the name and business address of each licensed member of the partnership,
(e) for a corporation licence—the name and business address of each director of the corporation,
(f) the cancellation or any current suspension of the licence,
(g) the conditions of the licence under the Act, section 14(a)–(d),
(h) any action taken under the Act, Part 9 against the licensee that resulted in an adverse finding against the licensee and details of any disciplinary action taken against the licensee as a result of the adverse finding,
(i) proceedings for any offence under the Act or this Regulation taken against the licensee that resulted in a conviction for the offence and details of any penalty imposed for the offence,
(j) any current undertakings given under the Act by the licensee,
(k) the appointment of a manager or receiver under the Act for the licensee,
(l) the number of payments made from the Compensation Fund under the Property and Stock Agents Act 2002, Part 10, for any failure to account of the licensee,
(n) action in the nature of disciplinary action taken under other legislation administered by the Minister against the licensee that resulted in an adverse finding against the licensee and details of any action taken against the licensee as a result of that adverse finding.
(2) Also, the Secretary must enter and keep in the Register details of any application for a licence that is refused on the ground that the applicant is not a fit and proper person to hold a licence.
(3) Details entered in the Register under subsection (2) for a person whose application is refused are to be removed from the Register on the subsequent grant of a licence to the person.
(4) Details entered in the Register under subsection (1)(h) or (i) are to be removed from the Register on the expiration of the period of 10 years after the action or conviction to which they relate.
35
Complaints and discipline—the Act, s 133(3)
35 Complaints and discipline—the Act, s 133(3)
35 Complaints and discipline—the Act, s 133(3)
The following provisions of the Act are prescribed as provisions that remain applicable to a suspended licence—
(a) section 66,
(b) section 72,
(c) sections 75 and 77, unless a receiver or manager has been appointed,
A licensee that is a corporation must lodge a notification made under section 77 by—
(a) if the corporation has only 1 director—the director, or
(b) if the corporation has more than 1 director—any 2 of the directors.
37
Secretary’s power to waive, reduce, postpone or refund fees
37 Secretary’s power to waive, reduce, postpone or refund fees
37 Secretary’s power to waive, reduce, postpone or refund fees
For the purposes of the Act, section 172(2)(g), the Secretary may waive, reduce, postpone or refund, in whole or part, a fee payable or paid under the Act or this Regulation if the Secretary is satisfied it is appropriate because—
(a) the person who is to pay or has paid the fee is suffering financial hardship, or
(b) special circumstances exist.
Example of special circumstances—
circumstances involving a natural disaster or recovery from a natural disaster
38
Partial refund of application fees for certain licences
38 Partial refund of application fees for certain licences
38 Partial refund of application fees for certain licences
(1) For the purposes of the Act, section 172(2)(g), this section applies to an application fee for a licence with a term of 3 years or 5 years, paid by or on behalf of a person who—
(a) has requested the licence be cancelled under the Act, or
(b) if the fee was paid by or on behalf of an individual—has died.
(2) A person may apply to the Secretary for a refund of the application fee if the person—
(a) paid the application fee, or
(b) is applying for or on behalf of the person who paid the application fee, or
(c) is the legal representative of a deceased individual who paid the application fee.
(3) A person is not entitled to make an application under this section if the licence was suspended or cancelled as a result of disciplinary action.
(4) A person who makes an application under subsection (2) is—
(a) for a licence with a term of 3 years—entitled to a refund of one-third of the fixed component of the application fee paid for each complete year remaining for the licence, or
(b) for a licence with a term of 5 years—entitled to a refund of one-fifth of the fixed component of the application fee paid for each complete year remaining for the licence.
(5) In this section—
application fee means the following—
(a) an application fee for the grant of a licence,
(b) an application fee for the renewal of a licence,
(c) an application fee for the restoration of a licence.
fixed component, of an application fee, is the amount set out in Schedule 1, Part 1, Column 2 for the fee.
(2) Any act, matter or thing that, immediately before the repeal of the Conveyancers Licensing Regulation 2015, had effect under that Regulation continues to have effect under this Regulation.
This Regulation is the Conveyancers Licensing Regulation 2021.
2 Commencement
2 Commencement
2 Commencement
This Regulation commences on the day on which it is published on the NSW legislation website.
Note—
This Regulation repeals and replaces the Conveyancers Licensing Regulation 2015, which would otherwise be repealed on 1 September 2022 by the Subordinate Legislation Act 1989, section 10(2).
3 Definitions
3 Definitions
3 Definitions
In this Regulation—
fee unit—see Schedule 1, Part 2.
the Act means the Conveyancers Licensing Act 2003.
Note—
The Act and the Interpretation Act 1987 contain definitions and other provisions that affect the interpretation and application of this Regulation.
4 Operating Account—the Act, s 90
4 Operating Account—the Act, s 90
4 Operating Account—the Act, s 90
The departmental account known as the Compensation Fund is prescribed for the purposes of the Act, section 90, definition of Operating Account.
Part 2 Licensing
Part 2 Licensing
Part 2 Licensing
5 Fees for licence—the Act, ss 12 and 89
5 Fees for licence—the Act, ss 12 and 89
5 Fees for licence—the Act, ss 12 and 89
(1) The application fees payable for the purposes of the Act are listed in Schedule 1, Part 1.
(2) An amount specified for an application fee in Schedule 1, Part 1, Column 3 under the heading Processing component is taken to be a fee to cover the costs incurred by the Secretary in processing the application.
Note—
This amount is consequently a processing fee for the purposes of the Licensing and Registration (Uniform Procedures) Act 2002, Part 2. If an application is made by electronic communication, the processing fee is discounted (see that Act, section 13). If an application is refused or withdrawn, the applicant is entitled to a refund of all fees paid, other than the processing fee (see that Act, section 22).
The Regulation establishes public and administrative registers (s 34), prescribes what remains applicable to suspended licences (s 35), specifies notification requirements for corporate licensees (s 36), and gives the Secretary discretion to waive, reduce, postpone or refund fees in cases of financial hardship or special circumstances (s 37). It provides a limited partial-refund regime for certain multi-year licence fees where a licence-holder requests cancellation or dies (s 38). Penalties and penalty-notice offences are set out, with maximum penalties stated for many recordkeeping and conduct breaches (for example schedule 2 rules enforceable under s 8 with a maximum penalty) and Schedule 3 listing penalty notice amounts for numerous provisions (Schedule 3; s 1 Application of Schedule).
The Regulation thus translates statutory duties in the Act into operational, often granular, compliance obligations and creates administrative levers (fees, exemptions, approvals, waivers) that the Secretary and Tribunal will use in licensing, discipline and dispute resolution (see ss 5-7, 12-14, 34-38).
Main concepts
The Regulation rests on a small set of concepts that structure rights, duties and enforcement. These are: licence-related fees and fee units; professional indemnity insurance; rules of conduct; trust money and trust-account architecture; mandatory records and retention; electronic records and controls; administrative registers; Secretary discretions and fee refunds; and enforcement and penalty notices.
Fee unit and indexing: The fees in Schedule 1 are expressed in fee units (Schedule 1 Part 2, s 2). A fee unit has a base dollar amount for 2021-22 ($106.47) and is adjusted annually by reference to the Sydney CPI for the March quarter in the preceding financial year (Schedule 1 Part 2, s 2(1); formula in s 2(1)(b)). Rounding rules for fee units and fees are specified (ss 2(2), 3). The Secretary must notify Parliamentary Counsel and give public notice of the indexed fee unit each year (s 4).
Application fees: Application, renewal and restoration fees are itemised in Schedule 1 Part 1 with a fixed component and a processing component (s 5(1)-(3); Schedule 1 Part 1 columns 2-4). The processing component is explicitly a processing fee under the Licensing and Registration (Uniform Procedures) Act 2002 (s 5(2) note).
Professional indemnity insurance: A licensee must be insured when carrying out conveyancing work unless the licensee acts only as an employee of a complying law practice (s 6(1)-(2)). “Approved professional indemnity insurance policy” is a policy approved by the Secretary by order published on the NSW legislation website (s 6(3)).
Rules of conduct: Schedule 2 (prescribed by s 8(1)) sets out behavioural duties such as honesty, skill, fiduciary obligations, conflicts management, confidentiality, communications, recordkeeping of instructions, independence when advising on loan/security documents, and obligations around referring service providers (Schedule 2 rules 1-23). Compliance with these rules is mandatory and contraventions carry penalties (s 8(2)).
Trust money and accounts: Trust money is strictly regulated. Timeframes for banking trust money (s 21), detailed receipt content and duplication (s 22), permitted methods to withdraw trust money (cheque or EFT) and cheque form requirements (s 23), deposit documentation (s 24), cash book and cash book reconciliation (s 25), journal entries and transfers (s 26), maintenance of separate ledger accounts for each client (s 27), monthly trial balances (s 28), delegation rules for signing cheques and effecting EFTs (s 29), and permitted licensee ledger accounts (s 30) are all prescribed.
Records and retention: Licensees must keep specified records (s 17; s 31) at the place of business where the conveyancing business is conducted unless they give a written notice to the Secretary specifying a single place for records of multiple offices (s 16(2)-(3)). Records must be kept in viewable form and generally retained for at least seven years (s 16(1), s 32(1)). Records must be in English (s 33).
Electronic records controls: Section 18 prescribes audit trails, prohibitions on certain program capabilities (e.g. deleting accounts unless zero and keeping a record), mandatory field validation, chronological sequencing, numbering and back-up frequency and off-site storage requirements.
Administrative registers and disclosures: The Secretary must keep the Register and record specified licence details, disciplinary actions, convictions and certain refusals (s 34). The Regulation also prescribes provisions that continue to apply to a suspended licence (s 35) and notification rules for corporate licensees (s 36).
Enforcement: A mix of criminal penalties (maximum penalty units listed across the Regulation), penalty notices for specified offences with set dollar amounts (Schedule 3), and Tribunal and court processes for costs disputes and transfers (ss 12-14) implement compliance.
These concepts interact: fees fund processing and may be adjusted by CPI, insurance approval is an administrative instrument, delegated authority for trust disbursements is circumscribed, and electronic-record constraints are designed to preserve auditability. The Secretary’s discretionary powers to approve policies, grant exemptions, waive fees or publish fee units create administrative decision points that attach to many of the main concepts (see ss 6(3), 7, 37, Schedule 1 Part 2 s 4).
Who it affects
The Regulation affects multiple actors in a narrow sector: licensed conveyancers, their employers and employees, clients whose money is held on trust, third-party service providers to whom clients may be referred, banks (as authorised deposit-taking institutions holding trust accounts), the Secretary and the Department (administrative duties), and the Civil and Administrative Tribunal and courts involved in costs disputes.
Licence applicants and holders: All persons applying for, holding, renewing or restoring a conveyancer licence in NSW are directly affected. They must pay the application/renewal/restoration fees set out in Schedule 1 (s 5(1); Schedule 1 Part 1). A licence-holder must comply with professional indemnity insurance requirements when carrying out conveyancing work (s 6(1)-(2)). Licensees must also maintain prescribed records and trust-account procedures (Part 5; Part 6), follow rules of conduct (s 8 prescribing Schedule 2), and lodge notifications as required (s 36 for corporate licensees).
Employers and complying law practices: The insurance regime allows a licensee to rely on either an approved policy covering the licensee or their employer, or to carry out conveyancing work only as an employee of a complying law practice (s 6(2)). “Complying law practice” references the Legal Profession Uniform Law (NSW) definition (s 6(3)). Employers may therefore be obliged to maintain approved insurance cover for employees and to ensure compliance with trust-account and recordkeeping obligations where employees conduct conveyancing work.
Clients: Clients whose money is held in trust must receive statements of account in specified circumstances (s 19), and receive disclosure about estimated costs and whether work will include non-conveyancing tasks (s 10). Clients also have procedural rights in costs disputes: a costs dispute must be notified to the Tribunal in writing within 60 days after the client receives the relevant bill or account (s 12).
Banks and authorised deposit-taking institutions: Trust deposits must be made into trust accounts held at authorised institutions approved by the Secretary (s 17(b), s 24(1)(a)). Deposit records must be produced at the bank when deposits are made (s 24(1)(a)).
The Secretary and Registrar: The Secretary is tasked with approvals, exemptions, waiver/refund discretion, maintaining the Register and publishing fee-unit notices (s 4, s 6(3), s 7, s 34, s 37, Schedule 1 Part 2 s 4). The Secretary’s choices determine features such as which professional indemnity policies are “approved” (s 6(3)), whether to waive fees (s 37) and whether to grant exemptions to be licensee-in-charge at multiple locations (s 7).
Courts and Tribunal: The Civil and Administrative Tribunal is the statutory forum for costs disputes (s 12 cross-referencing Civil and Administrative Tribunal Act 2013). Courts hearing costs disputes must transfer proceedings by order and transmit records to the Tribunal where required (s 14).
Third-party service providers and referrers: The rules in Schedule 2 (rule 15) regulate disclosures about relationships and payments when clients are referred to service providers, imposing disclosure obligations and prohibitions on misrepresenting independence.
Consequentially, the direct compliance burden falls on licensees and their employers: fees, recordkeeping, trust-account processes, insurance, and ongoing disclosure to clients. Administrative actors such as the Secretary have discretionary decision-making responsibilities that directly affect applicants and licensees (granting exemptions, approving insurance, waiving fees, maintaining registers). The Tribunal is implicated by prescribed timelines and transfer procedures for costs disputes.
Key duties and rights
The Regulation translates statutory duties into specific operational obligations and sets out limited rights. Key duties are concentrated in trust-account management, recordkeeping, client communications, conduct rules, and insurance. Rights include limited refund entitlements and procedural rights in costs disputes.
Key duties
Professional indemnity: A licensee carrying out conveyancing work must be insured under an “approved professional indemnity insurance policy” or otherwise only act as an employee of a complying law practice (s 6(1)-(2)). The Secretary approves the policy type by order on the NSW legislation website (s 6(3)). This makes maintenance of an approved PI policy a precondition for independent practice.
Rules of conduct: Compliance with Schedule 2 is mandatory (s 8(1)-(2)). These rules require honesty, skill, diligence, fiduciary compliance, conflict management, confidentiality, confirmation of oral instructions in writing (rule 10), timely communication (rule 8), recording of instructions, telephone conversations and enquiries (rule 14), and restrictions on inducements (rule 16). Acting in the client’s best interests is explicit (rule 7), but constrained where doing so would be unlawful.
Trust accounting: Detailed duties include banking trust money by the next banking day if practicable (s 21), issuing immediately a receipt with specific details and duplicate retention (s 22), ensuring trust money is only drawn by cheque or EFT and meeting detailed cheque/EFT recordkeeping requirements (s 23), entering prescribed details in deposit books (s 24), and keeping a cash book with specified daily entries and monthly reconciliation (s 25). A separate ledger account for each client must be maintained (s 27) and trial balance statements prepared within 21 days after each named month (s 28). Journals must record all non-cheque/EFT transfers and be sequentially numbered (s 26).
Recordkeeping and retention: Licensees must keep prescribed records in viewable form at the place of business where the conveyancing business is conducted, or at a single place specified to the Secretary (s 16(1)-(3)). Specific records are listed (s 17, s 31), must be kept for at least 7 years (s 32), and must be in English (s 33).
Electronic records controls: Licensees using electronic systems must keep chronological audit trails of changes to critical fields, ensure ledger programs cannot permit certain forms of deletion or amendment without trace, require input validation, enforce sequence numbering and back-ups every four weeks with off-site storage (s 18).
Withdrawal of trust money for costs: A licensee may withdraw trust money for costs only after appropriate disclosure and following a prescribed notice process,give a bill, 30 days’ notice, and then either written authorisation from the person, expiry of the notice period without objection, or the person having objected but failed to notify the Tribunal within the statutory period (s 20(1)-(4)).
Delegations and signatories: Delegation to sign trust cheques or effect EFTs is permitted but constrained by who may receive delegations and the circumstances in which a delegate may act, with written delegations required and limits on number of employees delegated per place of business (s 29(3)-(6)). Improper delegations or unauthorised signing/effects are offences (s 29(8)-(9)).
Key rights and administrative entitlements
Fee refunds: A person who pays an application fee for a 3 or 5 year licence may apply to the Secretary for a partial refund if they request licence cancellation or die, subject to exclusions where licence was suspended or cancelled due to disciplinary action (s 38(1)-(5)). Refund is calculated by the fixed component proportionate to complete years remaining (s 38(4)).
Secretary discretion on fees: The Secretary may waive, reduce, postpone or refund fees where satisfied of financial hardship or special circumstances (s 37). Example of special circumstances given includes natural disaster recovery, but the power is discretionary.
Procedural rights in costs disputes: Clients have the right to notify the Tribunal of costs disputes within 60 days of receipt of the bill (s 12). If the Tribunal refers a dispute to an independent expert for assessment, the Tribunal decides cost allocation of that assessment (s 13).
Register entries and removals: The Secretary must record licence details and disciplinary findings in the Register (s 34). There is a time-limited removal rule for certain entries: details of adverse findings or convictions are to be removed after 10 years (s 34(4)). Details of a refused application on fitness grounds are to be removed on subsequent grant of a licence (s 34(2)-(3)).
Transfers and client directions: On transfer of conveyancing work, a departing licensee must deliver relevant documents within 14 days of written direction from the client (Schedule 2 rule 18). Where a conveyancing business is to be transferred, clients must receive 14 days’ written notice of intended transfer and rights to give contrary directions; trust money balances and transfer intentions must also be disclosed (rule 19(1)-(2)).
These duties and rights are enforceable by criminal penalties and penalty notices (see next section). Many duties impose ongoing administrative work: monthly trial balances, regular reconciliations, strict receipt and cheque sequencing, and mandatory seven-year retention of transaction files (ss 25, 28, 32).
Penalties and enforcement
The Regulation establishes enforcement through criminal penalties (expressed in penalty units), penalty notices with specified amounts, Tribunal and court processes for costs disputes, and enabling provisions for administrative action (register entries, disciplinary records). Enforcement mechanisms allocate responsibility to the Secretary, Tribunal, registrars and courts.
Criminal penalties and maximums
The Regulation repeatedly states maximum penalties for breaches of recordkeeping, trust-account, and conduct obligations. Many provisions carry maximum penalties of 40 penalty units for corporations and 20 penalty units for individuals (for example s 8(2) for rules of conduct, s 16(4) on recordkeeping, and s 19(6) on keeping statements of account; see also ss 21, 22, 23, 25, 26, 27, 28, 31, 32, 33 where maximum penalties are set). Specific offences are identified with maximum penalties in the body of the Regulation.
Penalty notices
Schedule 3 itemises penalty notice offences and sets monetary amounts for the offences under both the Act and this Regulation (Schedule 3 table and s 1 Application of Schedule). The Schedule specifies different penalty amounts for individuals and corporations for certain provisions, and some offences attract higher penalty notice amounts (for example Section 83(1) under the Act is listed with $5,500). For offences under this Regulation, Schedule 3 lists numerous clauses with set penalty notice amounts (generally $550 or $1,100 and higher in specified cases).
Tribunal and court processes
Costs disputes: Notification to the Tribunal must be in writing, conform to application requirements under the Civil and Administrative Tribunal Act 2013, and be made within 60 days after the licensee provides the bill (s 12). If the Tribunal refers a dispute to an independent expert, the Tribunal orders how the parties share the cost of the assessment (s 13). Transfer of proceedings between courts and the Tribunal is ordered by the court, and the court registrar must notify the Tribunal registrar and transfer documents; the principal registrar of the Tribunal must then serve a notice fixing hearing dates (s 14).
Administrative records and Register
The Secretary must keep the Register and enter adverse disciplinary findings, convictions and other prescribed matters (s 34). The Regulation prescribes the retention and eventual removal of certain entries (s 34(4)). These register entries can be a form of administrative consequence and a source of public information about licensees.
Offence-specific enforcement
Delegation and signing offences: Improper delegation to sign trust cheques or effect EFTs is an offence (s 29(8)) with maximum penalties. A person who signs or effects transfers without proper authorisation is also guilty of an offence (s 29(9)). These provisions are backed by criminal penalties and by penalty notice entries in Schedule 3 (s 29(8) and (9) appear in Schedule 3).
Discretionary administrative sanctions (implied by cross-references)
The Regulation cross-references disciplinary parts of the Act and provisions that remain applicable to suspended licences (s 35), indicating that statutory disciplinary machinery under the Act (Part 9 and other sections) can be enforced in conjunction with this Regulation’s requirements. The Secretary’s decisions about fee waivers or insurance approvals (ss 6(3), 37) are discretionary and subject to statutory process and potential review in other fora; the Regulation itself does not set appeal pathways.
Operational enforcement implications
The Regulation prescribes recordkeeping, sequencing, and retention requirements that facilitate audit and enforcement, including obligations on electronic systems to preserve audit trails and prevent deletion (s 18). The Regulation also imposes immediate operational duties on licensees (for example bank trust money by the next banking day if practicable, s 21), creating specific time-based compliance touchpoints that enforcement authorities can test against.
Taken together, the Regulation provides a mix of criminal sanctions, monetary penalty notices, administrative recordkeeping (public register), and Tribunal/court procedural rules to enforce compliance across licensing, financial handling and professional conduct.
How it interacts with other laws
The Regulation is tightly coupled with the Conveyancers Licensing Act 2003 (the Act) and references multiple other statutes, creating layered obligations and cross-references that practitioners must track.
Primary statutory relationship
The Regulation is made under, and is to be read in the context of, the Conveyancers Licensing Act 2003. Multiple provisions are explicitly framed “the Act, s X” (for example s 5 Fees for licence,the Act, ss 12 and 89; s 6 Professional indemnity,the Act, s 15). The Regulation prescribes details required for the Act’s implementation: fees (s 5), conduct rules (s 8 prescribing Schedule 2 under s 22 of the Act), trust-account and recordkeeping requirements (Part 5 and Part 6 under the Act, s 172), and Tribunal procedures (ss 12-14 pursuant to Act ss 43-50).
Cross-references to other legislation
Licensing and registration procedures: The Regulation’s processing component for application fees is explicitly a processing fee for the purposes of the Licensing and Registration (Uniform Procedures) Act 2002, Part 2 (s 5(2) note). This connects application processing rules, fee discounts for electronic applications, and refund rules (that Act, ss 13 and 22) to the fee components listed in Schedule 1.
Compensation Fund and Property and Stock Agents Act 2002: The Regulation prescribes the Compensation Fund departmental account as the Operating Account for the Act (s 4) and requires licence-holders to pay contribution and levies as required under the Property and Stock Agents Act 2002, ss 167A, 168 or 169 (s 5(4)-(5), Schedule 1 note). Licensees must pay the same contribution as a class 1 licence holder under the Property and Stock Agents Act (s 5(5)). This links conveyancer licences to the financial guarantees and levies regime under the Property and Stock Agents Act 2002.
Legal profession provisions: The definition of a “complying law practice” refers to the Legal Profession Uniform Law (NSW) and compliance with its Part 4.4 requirements (s 6(3)). This ties the Regulation’s insurance exception to the legal profession regulatory framework.
Electronic conveyancing: Schedule 2 rule 17(1)(d) lists as a permissible reason for terminating services that the licensee’s access to the Electronic Lodgement Network under the Electronic Conveyancing (Adoption of National Law) Act 2012 has been restricted, suspended or terminated. This creates an explicit intersection with the national electronic conveyancing adoption regime.
Civil and Administrative Tribunal Act 2013: Costs dispute notification must conform to application requirements under that Act (s 12), embedding Tribunal procedural rules into the costs dispute pathway.
National Credit Code and Commonwealth law: Schedule 2 rule 22(7) references the National Credit Code in the National Consumer Credit Protection Act 2009 when describing additional obligations that may apply where the Code applies. That rule requires licensees advising borrowers or guarantors to inform them about matters that may be affected by the Code.
Fair Trading Act 1987 and other administrative action: The Register entries to be kept include suspension of licences under the Fair Trading Act 1987, s 79A (s 34(1)(m)). The Regulation therefore contemplates cross-application of Fair Trading Act disciplinary tools.
Interpretation and general statutes: The Regulation acknowledges definitions and interpretative provisions in the Conveyancers Licensing Act and the Interpretation Act 1987 (s 3 note). It also uses the Licensing and Registration (Uniform Procedures) Act 2002 and Electronic Conveyancing Act references as noted.
Operational interaction effects
The Regulation follows the Act by prescribing the operational details that enable other statutes’ mechanisms to function together: insurers approved by the Secretary (s 6(3)); contributions to Compensation Fund under Property and Stock Agents Act (s 5); Tribunal procedure and inter-court transfers (ss 12-14). Compliance therefore requires familiarity not only with this Regulation and the Act, but with the specified cross-referenced statutes for insurance, fee processing, complaints/discipline, compensation funding and electronic conveyancing.
Administrative discretion in the Regulation (Secretary approvals, fee waivers, exemptions for licensee-in-charge) intersects with procedural and review pathways in the Act and other statutes; the Regulation itself does not set out appeal routes but the Act and other statutes do.
Practitioners must therefore treat compliance as multi-leg: document and trust-account obligations in this Regulation; licensing, discipline and public-register consequences under the Act; insurance and law-practice obligations under the Legal Profession Uniform Law; fee processing under the Licensing and Registration (Uniform Procedures) Act; and potential compensation fund liabilities under the Property and Stock Agents Act.
Amendment history
The Regulation itself records certain amendments and its relationship to predecessor instruments.
Repeal and replacement: The Conveyancers Licensing Regulation 2015 is repealed and replaced by this Regulation (s 39(1)-(2)). The commencement clause notes the Regulation takes effect on the day it is published on the NSW legislation website and that it repeals and replaces the 2015 Regulation, which would otherwise have been repealed on 1 September 2022 by the Subordinate Legislation Act 1989, s 10(2) (s 2 note).
Noted amendments in text: Several provisions include amendment notes indicating legislative amendments made after initial enactment:
Section 5 (Fees for licence) includes an amendment note: "s 5: Am 2025 (275), Sch 1[1]-[5]". This indicates that Schedule 1 fee entries or related subsection elements were amended in 2025 under instrument number 275, Schedule 1, paragraphs 1-5.
Section 18 (Electronic records) includes "s 18: Am 2024 No 25, Sch 2.2[1] [2]", recording an amendment in 2024 (No 25).
Schedule 1 contains "sch 1: Am 2025 (275), Sch 1[6] [7]." and an editorial note listing fee unit amounts for financial years 2022-23 through 2025-26, suggesting indexing updates were applied and recorded.
Fee unit indexing and published amounts: Schedule 1 Part 2 sets the methodology for calculating fee units (s 2), tying the fee unit to the CPI for Sydney for the March quarter of the preceding financial year. An editorial note in Schedule 1 lists fee unit amounts for financial years 2022-23 to 2025-26 ($111.14, $119.23, $123.72, $126.59 respectively). The Regulation requires the Secretary to notify Parliamentary Counsel and give public notice of the amount of the fee unit as soon as practicable after the CPI number is published (s 4).
Transitional savings: Section 39(2) preserves the effect of acts and matters that immediately before repeal had effect under the 2015 Regulation, continuing them under this Regulation. This is a saving provision to preserve continuity where appropriate.
What the amendment notes indicate to practitioners
The in-text amendment notes identify that the Regulation has been updated at least in 2024 and 2025 on discrete topics: electronic records and fee provisions. The editorial note listing fee unit amounts is an explicit record of indexing already applied for the listed financial years.
Absent further amendment details in the Regulation text itself, practitioners should use the in-text amendment references to locate the amending instruments (e.g., 2024 No 25 Sch 2.2 and 2025 (275) Sch 1) for precise changes.
The Regulation’s own requirement for the Secretary to publish fee-unit changes (Schedule 1 Part 2 s 4) creates an annual process for fee adjustments which is part of its operational amendment mechanism.
Litigation history
The Regulation text does not include judicial decisions, case law, or a running list of litigation involving its provisions. It does not name or cite any cases, nor does it provide a history of court or Tribunal interpretations. Consequently:
The Regulation itself provides no guidance as to how courts or Tribunals have interpreted its provisions. There are no authorities embedded in the text to indicate settled interpretations of key obligations such as the meaning of “viewable form”, the sufficiency of particular electronic audit logs, or the boundary of duties in Schedule 2 rules of conduct.
Practitioners seeking precedential guidance on disputed points,such as the operation of the notice period for withdrawing trust money for costs (s 20), the Secretary’s discretion in granting exemptions for a licensee-in-charge (s 7), or the scope of permitted delegation for trust cheque signatures (s 29),must search Tribunal and court databases and decisions under the Conveyancers Licensing Act 2003 and related disciplinary determinations. Those decisions are not reproduced in the Regulation.
The Regulation does set out procedural pathways that will be the spine of litigation or disputes: costs disputes to the Civil and Administrative Tribunal (s 12), and transfer of proceedings between courts and the Tribunal (s 14). Consequently, litigation arising from costs disputes will be processed under Tribunal rules referenced in s 12 and the Civil and Administrative Tribunal Act 2013.
Because Schedule 3 prescribes penalty notice offences, enforcement decisions using penalty notices may generate administrative review or litigation in courts or Tribunals; those decision records will not appear in the Regulation but rather in enforcement or judicial records.
In short, the Regulation does not self-contain litigation history. Practitioners must therefore consult Tribunal decisions, court judgments, and administrative determinations outside the Regulation to understand how its provisions have been interpreted and enforced in practice.
Gotchas
The Regulation contains numerous specific operational requirements and constraints that may catch practitioners by surprise if not followed precisely. The following are concrete pitfalls based on the text.
Electronic-record constraints and auditability (s 18)
Software must preserve detailed chronological audit trails for changes to client, matter and trust account identifiers, and must prevent certain operations without concurrent traceable transactions (s 18(2)-(3)). Programs that permit silent amendments, deletion of accounts without retaining viewable records, or non-sequential journal references will breach the Regulation. Practically, off-the-shelf accounting or practice-management software must be configured and tested against s 18 requirements; mere availability of backups is insufficient,the Regulation prescribes weekly field validation, sequencing and four-week backups stored where an adverse incident will not also affect the backup (s 18(4)(f)-(g)).
Place-of-business recordkeeping and centralisation (s 16)
Records must be kept at the place of business where the conveyancing business is conducted unless the licensee keeps records for each place at that place, or keeps all records at a single specified place by written notice to the Secretary (s 16(2)-(3)). Failure to lodge the required written notice with the Secretary could make otherwise centralised record storage non-compliant.
Trust money withdrawal requirements (s 20)
A licensee cannot draw money from trust for costs unless the licensee has made required cost disclosure (s 20(2)), given the bill and a written 30-day notice with intent to withdraw (s 20(3)), and either has written authorisation, the notice period has expired without objection, or the person objected but has not notified the Tribunal within the period prescribed (s 20(4)). This sequence means that licensees must track objections and Tribunal notification windows carefully to avoid unauthorised withdrawals.
Delegation limitations (s 29)
Delegations to sign trust cheques or effect trust EFTs are numerically limited (e.g. not more than two employees per place of business, and only directors who are licensees at a corporate licensee) and operationally constrained: delegations by non-corporate licensees only authorise delegates to act when the delegator is unable to sign with due expedition because of sickness, injury or absence for good reason (s 29(3)-(6)). Delegations must be in writing and signed by both delegator and delegate (s 29(4)). A purported delegation outside these constraints is an offence (s 29(8)), and persons acting without proper authorisation are guilty of an offence (s 29(9)).
Sequence and numbering obligations (ss 22, 23, 25, 26)
Receipts and cheques must be machine-numbered and issued in series; cash book pages and journal entries must be consecutively numbered (ss 22(4), 25(2), 26(3)). Electronic systems that do not enforce sequential numbering or that allow gaps without explanatory records risk non-compliance.
Statements of account timing and waivers (s 19)
Statements are required on request within 14 days, and at specified intervals (completion/closure or 31 March/30 September) unless exempted by the conditions in s 19(4). Clients may waive periodic statements by approved form notice (s 19(5)), but the licensee must keep a copy of the statement with the file (s 19(6)). Failure to obtain a properly completed waiver form will mean the periodic statement obligation remains.
Conflicts and multi-party acting (Schedule 2 rules 11-12)
Acting for more than one party requires written disclosure and written consent from each party (rule 12(1)), and if conflicts arise the licensee must cease acting for all parties (rule 12(2)). Licensees relying on prior client consents must ensure those consents meet the prescribed form and content.
Insurance approval and Secretary discretion (s 6)
The definition of an “approved” policy is an order of the Secretary published on the NSW legislation website (s 6(3)). Licensees cannot assume that common market policies are “approved” until the Secretary’s order is published; practicing without an approved policy or without being an employee of a complying law practice would breach s 6(1)-(2).
Fee unit indexing and notice timing (Schedule 1 Part 2)
The fee unit is automatically adjusted by the CPI formula and the Part operates to change fees without waiting for publication (s 4(2) of Schedule 1 Part 2). However, the Secretary must give public notice “as soon as practicable” after the CPI number is published (s 4(1)). Practitioners should not rely on published notices before the CPI is published; the CPI-driven increase applies by operation of the Part.
Partial refund exceptions (s 38)
Refunds of multi-year licence fees are available only in narrow circumstances (request for licence cancellation or death) and are not available where a licence was suspended or cancelled as a result of disciplinary action (s 38(1), (3)). Refund amounts are calculated from the fixed component only (s 38(4)-(5)).
Record language and retention period (ss 31-33)
Records must be kept in English (s 33) and retained for at least seven years after they are made, except where possession has lawfully passed to another licensee or solicitor due to a transfer of business (s 32(1)-(2)). Practitioners outsourcing storage to third parties must ensure lawful possession arrangements preserve the seven-year obligation.
Penalty notices (Schedule 3)
Numerous breaches attract penalty notice amounts; the Schedule lists the precise dollar figures. Failure to appreciate that certain operational breaches are penalty-notice offences may produce swift monetary enforcement rather than full prosecutions.
In practice, any software, administrative process, client-consent form or staff-delegation scheme should be cross-checked against the specific subsections cited above. The Regulation’s operational specifics leave little room for compliant-but-approximate practice.
How to comply
Compliance requires an integrated approach across governance, finance, technology, documentation and client-facing practice. Below are concrete steps mapped to the Regulation’s prescriptions and citations.
Governance and insurance
Confirm an approved professional indemnity policy: Check for an order published by the Secretary approving specific insurance policies as “approved professional indemnity insurance policy” (s 6(3)). If the licensee will practice independently, ensure a current approved policy is in force covering the licensee or the employer; if the licensee will work only as an employee of a complying law practice (as defined under the Legal Profession Uniform Law (NSW)) confirm the practice’s compliance with Part 4.4 (s 6(1)-(3)).
Review corporate structures and director-licensee interfaces: Corporate licensees must ensure that notifications under s 77 are lodged by the correct directors (s 36). Delegations for signing trust cheques/EFTs must comply with s 29, including written delegations signed by delegator and delegate and limits on numbers of delegates per location (s 29(3)-(6)).
Trust-account systems and banking
Trust account setup: Maintain a trust account at an authorised deposit-taking institution approved by the Secretary (s 17(b)). Produce deposit books when making deposits and record required deposit particulars (s 24(1)-(1)(b)). Deposit copies must be kept (s 24(1)(c)).
Banking timelines and receipts: Bank trust money before the end of the next banking day if practicable (s 21). Issue a receipt immediately after receiving trust money with the full set of particulars (s 22(1)-(2)), make duplicates or record in the cash book simultaneously (s 22(3)), and give originals to the payer on demand (s 22(5)).
Withdrawal protocols for costs and disbursements: Before withdrawing trust money for costs, ensure required disclosure has been made (s 20(2)), issue a bill with 30 days’ notice of intent to withdraw (s 20(3)), and then rely only on written authorisation, expiry without objection, or on the absence of Tribunal notification where there has been an objection (s 20(4)). Track objections and Tribunal notifications carefully.
Accounting and ledger maintenance
Maintain cash book, journal and ledger: Keep a trust receipt book (duplicates machine-numbered) and deposit book, maintain a trust account cash book of all receipts and payments (s 17(a)-(c), s 25(1)). Ensure cash book pages are consecutively numbered and daily receipts/payments recorded promptly (s 25(2)-(4)). Maintain a journal for transfers not effected by cheque/EFT and number transfers consecutively (s 26(1)-(3)). Maintain a separate ledger account per client containing the prescribed particulars and running balance (s 27(1)-(2)).
Monthly trial balance and reconciliation: Prepare a trial balance of all ledger accounts within 21 days of each named month and reconcile the trial balance total to the cash book and the trust account (s 28(1)-(2)(e)). Keep a summary of total trust money disclosed in trial balances (s 16(4)(b)).
Electronic systems and backups
Configure electronic systems to meet s 18: Ensure the system logs chronological changes to client name, address, matter number/description, client number and trust account number (s 18(2)). Ensure programs prevent debit entries that create negative balances unless a contemporaneous separate chronological report is produced, prevent silent amendments to recorded transactions and prevent deletions of accounts unless balance zero with a preserved viewable record (s 18(3)(a)-(c)). Enforce required field input, sequence numbering, chronological report numbering and produce backups at least once every four weeks with the most recent backup stored where it will not be affected by the same incident as the primary records (s 18(4)(a)-(g)).
Recordkeeping, language and retention
File structure and English language: Keep transaction-related documents in separate client files and ensure all written records are in English (s 31(2), s 33). Implement a file-indexing standard that maps transactions, receipts and ledger entries to single client files.
Retention policy: Retain all prescribed records for at least seven years after they are made and provide for secure storage (s 32(1)). Document transfer arrangements clearly when selling or transferring a conveyancing business to ensure records lawfully pass to the transferee and the seven-year obligation is managed (s 32(2)).
Client communications and conduct
Cost disclosure and statements: Provide cost estimates where the amount is not known and disclose when work includes non-conveyancing tasks and their nature (s 10(1)). Provide itemised accounts and statements of account within prescribed timeframes (s 11, s 19). Use the Secretary-approved form to process waivers of periodic statements if a client wishes to waive (s 19(5)).
Compliance with Schedule 2 rules: Adopt written practice policies and staff training to ensure compliance with the professional conduct obligations in Schedule 2, including conflicts of interest, confidentiality, confirming oral instructions in writing, recording telephone conversations and enquiries as file notes and keeping those records for seven years (Schedule 2 rules 1-14).
Transfers and termination
Procedures on transfer or termination: When ceasing to act, ensure delivery of documents within 14 days on written direction from the client (Schedule 2 rule 18(1)). If transferring a conveyancing business, provide clients with 14 days’ written notice of intended transfer, balance of trust money, and right to give a contrary direction (rule 19(1)-(2)).
Fees, indexing and refunds
Fee calculation and payments: Calculate fees using fee unit amounts published for the relevant financial year and round amounts per Schedule 1 Part 2 s 3. Be aware indexing operates by formula and takes effect regardless of notice timing (s 4(2) of Schedule 1 Part 2). For partial refunds of multi-year licence fees apply to the Secretary where applicable using the fixed component method (s 38).
Audit readiness and discipline
Maintain audit trail for regulatory inspections: Given the detailed recordkeeping and audit-proofing requirements, establish internal audits to verify sequential receipt/cheque/journal numbering, timely banking, monthly reconciliation and that backups are functioning and stored off-site (ss 22, 25, 28, 18(4)(f)-(g)).
Prepare for enforcement actions: Understand which actions attract penalty notices under Schedule 3 and the dollar amounts, and maintain documentary evidence (Register entries, insurance approvals, delegation instruments) that would be relevant in any disciplinary or enforcement review (Schedule 3, s 1; s 34).
Practical checklist summary
Verify approved PI insurance is in force (s 6).
Configure and test practice-management software to meet s 18.
Maintain trust account with required banking procedures, receipts, deposit books, cash book, journal and ledgers (ss 21-28).
Prepare trial balances monthly and file statements of account as required (ss 28, 19).
Ensure delegations are written and signed and kept on file; do not permit unauthorized signings (s 29).
Keep client files and associated records in English for at least seven years (ss 31-33).
Implement written internal policies for Schedule 2 conduct rules, conflicts checks and referral disclosures (Schedule 2).
Track CPI-indexed fee unit and apply correct fee amounts (Schedule 1 Part 2 s 2-4).
Following these steps and mapping internal policies and IT configurations to the specific subsections cited will materially reduce exposure to penalty notices and prosecutions under the Regulation.
(3) The total application fee is set out in Schedule 1, Part 1, Column 4.
(4) Additionally, licence holders must pay the contribution to, and any levy for, the Compensation Fund required under the Property and Stock Agents Act 2002, section 167A, 168 or 169.
Note—
See the Conveyancers Licensing Act 2003, section 89.
(5) A licence holder must pay the same contribution to the Compensation Fund as the holder of a class 1 licence under the Property and Stock Agents Act 2002.
s 5: Am 2025 (275), Sch 1[1]–[5].
6 Professional indemnity insurance—the Act, s 15
6 Professional indemnity insurance—the Act, s 15
6 Professional indemnity insurance—the Act, s 15
(1) A licensee must, when carrying out conveyancing work, be insured under a policy of professional indemnity as required under subsection (2).
(2) The licensee is insured as required under this section if—
(a) the licensee is insured under an approved professional indemnity insurance policy in force with respect to the licensee or the licensee’s employer, or
(b) the licensee carries out conveyancing work only in the licensee’s capacity as an employee of a complying law practice.
(3) In this section—
approved professional indemnity insurance policy means a policy, or a policy of a kind, that is approved by the Secretary for the time being by order published on the NSW legislation website.
complying law practice has the same meaning as a law practice in the Legal Profession Uniform Law (NSW) that complies with the relevant requirements of the Law, Part 4.4.
Part 3 Conduct of conveyancing business
Part 3 Conduct of conveyancing business
Part 3 Conduct of conveyancing business
7 Exemptions from provisions authorising person in charge of business—the Act, s 20
7 Exemptions from provisions authorising person in charge of business—the Act, s 20
7 Exemptions from provisions authorising person in charge of business—the Act, s 20
(1) The Secretary must take into account the following matters in considering whether to grant an exemption from a provision of the Act, section 20 that will authorise a licensee to be the person in charge of business (the licensee-in-charge) at more than 1 place of business of a licensee or to exercise functions or provide services on behalf of 2 or more licensees at a place of business—
(a) the reasons given by the licensee for why the exemption is needed,
(b) the licensee’s previous experience as licensee-in-charge at a place of business of a licensee,
(c) the capacity of the licensee to comply with any guidelines issued by the Secretary under the Act, section 21(3),
(d) the record of the licensee regarding compliance with—
(i) the conditions of a licence held at any time by a licensee under the Conveyancers Licensing Act 1992, the Conveyancers Licensing Act 1995 or the Conveyancers Licensing Act 2003, and
(ii) the provisions of the Act under which the licence was held and the regulations under that Act, and
(iii) the relevant provisions of the Legal Profession Act 1987 and the Legal Profession Act 2004, and the relevant provisions of the regulations under those Acts, and
(iv) the relevant provisions of the Legal Profession Uniform Law (NSW) and the Legal Profession Uniform Law Application Act 2014, and the relevant provisions of the rules and regulations under those Acts,
(e) employer references for the licensee’s experience as a licensee-in-charge.
(2) The Secretary must take into account the following additional matters in considering whether to grant an exemption from the Act, section 20(1), (2) or (3) that will authorise a licensee to be the licensee-in-charge at more than 1 place of business of a licensee—
(a) the capacity of the licensee to properly supervise the conduct of business at more than 1 place of business,
(b) the office systems proposed to be established at each place of business to provide for accountability to the licensee-in-charge at each place of business,
(c) the proposed staffing and office management arrangements at each place of business,
(d) whether there is a centralised trust account for the deposit of trust money received in connection with the businesses for which the licensee will be the licensee-in-charge under the exemption.
(3) The Secretary must take into account the following additional matters in considering whether to grant an exemption from the Act, section 20(4) that will authorise a licensee employed as the licensee-in-charge at a place of business to exercise functions or provide services on behalf of 2 or more licensees (the principal licensees) at the place of business—
(a) the capacity of the licensee to properly supervise the conduct of business of more than 1 principal licensee,
(b) the fiduciary safeguards and office systems proposed to be established to provide for accountability to the licensee-in-charge,
(c) whether separate trust accounts are in place for the deposit of trust money received in connection with the business of each principal licensee.
8 Rules of conduct—the Act, s 22
8 Rules of conduct—the Act, s 22
8 Rules of conduct—the Act, s 22
(1) The rules set out in Schedule 2 are prescribed as rules of conduct for the conduct of a conveyancing business or the exercise of functions under a licence.
(2) A licensee must comply with the rules set out in Schedule 2 in the course of conducting a conveyancing business or exercising functions under a licence.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
9 Conduct of other businesses—the Act, s 28
9 Conduct of other businesses—the Act, s 28
9 Conduct of other businesses—the Act, s 28
(1) A licensee who conducts a conveyancing business, or is employed in the conduct of a conveyancing business, is prohibited from conducting, or being employed in the conduct of, the business of an agent.
(2) In this section—
agent means an agent within the meaning of the Property and Stock Agents Act 2002.
10 Obligation to disclose certain matters to client—the Act, s 36
10 Obligation to disclose certain matters to client—the Act, s 36
10 Obligation to disclose certain matters to client—the Act, s 36
(1) For the purposes of the Act, section 36(2)(f), the following matters are prescribed as matters that must be disclosed to the client—
(a) if the amount of the costs for the conveyancing work is not known—an estimate of the costs for the conveyancing work,
(b) if, in the conduct of the matter, the licensee will carry out both conveyancing work and non-conveyancing work for the client—
(i) the fact that some of the work is non-conveyancing work, and
(ii) the nature of the non-conveyancing work.
(2) In this section—
non-conveyancing work means work that is not conveyancing work.
11 Itemised account—the Act, s 67
11 Itemised account—the Act, s 67
11 Itemised account—the Act, s 67
(1) A person may serve a request for an itemised account under the Act, section 67 on the licensee by—
(a) delivering it personally to the licensee, or
(b) leaving it for the licensee at a place of business of the licensee, or
(c) sending it by post to the licensee at the address of a place of business of the licensee, or
(d) sending it by email to the licensee at an email address provided by the licensee for the service of documents of that kind.
(2) The licensee may give the itemised account to the person by—
(a) delivering it personally to the person, or
(b) leaving it for the person at an address specified as the person’s address in the request, or
(c) sending it by post to the person at an address specified as the person’s address in the request, or
(d) sending it by email to the person at an email address provided by the person for the service of documents of that kind.
Part 4 Resolution of costs disputes
Part 4 Resolution of costs disputes
Part 4 Resolution of costs disputes
12 Notifying Tribunal of costs dispute—the Act, s 43(1)
12 Notifying Tribunal of costs dispute—the Act, s 43(1)
12 Notifying Tribunal of costs dispute—the Act, s 43(1)
A notification to the Tribunal of a costs dispute must be made—
(a) in writing and otherwise in accordance with the requirements for making applications to the Tribunal under the Civil and Administrative Tribunal Act 2013, and
(b) within 60 days after the licensee has given the client the bill or account for the costs the subject of the dispute.
13 Costs of assessment—the Act, s 45
13 Costs of assessment—the Act, s 45
13 Costs of assessment—the Act, s 45
If the Tribunal refers a costs dispute to an independent expert for assessment, the parties must bear the costs of the assessment in the way ordered by the Tribunal.
14 Transfer of proceedings to or from other courts or tribunals—the Act, s 50(2)
14 Transfer of proceedings to or from other courts or tribunals—the Act, s 50(2)
14 Transfer of proceedings to or from other courts or tribunals—the Act, s 50(2)
(1) Proceedings must be transferred by order of the court hearing the costs dispute.
(2) Notice of the transfer must be given to the principal registrar of the Tribunal by the registrar of the court hearing the costs dispute.
(3) All documents relating to the proceedings in the custody of the court hearing the costs dispute must be transferred by the registrar of the court to the principal registrar of the Tribunal.
(4) On receiving the notice of transfer and accompanying documents, the principal registrar must serve on the parties a notice fixing a date and time for the holding of the hearing or a directions hearing for the proceedings.
Part 5 Trust money
Part 5 Trust money
Part 5 Trust money
Division 1 General
Division 1 General
Division 1 General
15 Definitions
15 Definitions
15 Definitions
In this Part—
cash book means the record required to be kept under section 17(c).
trust account means a trust account required to be maintained under the Act, section 53.
trust receipt book means the record required to be kept under section 17(a).
viewable form, in relation to a record, means a form that enables the production of the record, on demand, in permanent legible form in the English language.
16 Keeping of records generally
16 Keeping of records generally
16 Keeping of records generally
(1) For the purposes of the Act, section 172(2)(d), a licensee must keep the records required to be kept under this Part in viewable form.
(2) A licensee must keep the records, including any records kept electronically, at the place of business where the licensee conducts the conveyancing business under the licence.
(3) A licensee who conducts a conveyancing business under a licence at more than 1 place of business is taken to comply with subsection (2) if the licensee—
(a) keeps the records relating to business transacted at a particular place of business at that place of business, or
(b) keeps the records relating to the business transacted at each place of business at 1 place of business specified in a written notice given to the Secretary.
(4) A licensee must, within 21 days after the end of each named month—
(a) compile with the records kept by the licensee under this Part the original, or a true copy, of the trial balance statement prepared by the licensee in accordance with section 28 for the named month, and
(b) maintain a summary of the total of trust money disclosed in the trial balance statements for the named month.
Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.
17 Specific records to be kept by licensees
17 Specific records to be kept by licensees
17 Specific records to be kept by licensees
For the purposes of the Act, section 172(2)(d), a licensee must keep the following records—
(a) a trust receipt book containing the duplicates of all receipts issued from the trust receipt book, with the duplicates being machine-numbered consecutively to correspond with the machine-numbered receipts,
(b) a deposit book of an authorised deposit-taking institution approved by the Secretary under the Act, section 54, for the purposes of the Act, Part 5, showing all deposits made by the licensee into the trust account or other written or electronic record showing the deposits,
(c) a trust account cash book or other written or electronic record of all receipts of amounts required to be paid into, and of all pay
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