22Receipts 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.