19Statements 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.