32Period 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.