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