66ZTDeposit and instalments to be held as trust or controlled money

#### 66ZT Deposit and instalments to be held as trust or controlled money 66ZT Deposit and instalments to be held as trust or controlled money > > (1) Any money paid by the purchaser by way of deposit or instalment under an off the plan contract must be held— > > > > > (a) as trust money by a real estate agent in accordance with the [Property, Stock and Business Agents Act 2002](/view/html/inforce/current/act-2002-066), or > > > > > (b) as trust money by a licensed conveyancer in accordance with the [Conveyancers Licensing Act 2003](/view/html/inforce/current/act-2003-003), or > > > > > (c) as trust money or controlled money by a law practice in accordance with the [Legal Profession Uniform Law (NSW)](/view/html/inforce/current/act-2014-16a). > > > (2) Any money held as trust money or controlled money in accordance with subsection (1) may be invested if— > > > > > (a) the investment is carried out in accordance with the relevant law under which the money is held, and > > > > > (b) the terms of the off the plan contract do not prevent the investment, and > > > > > (c) any interest accrued from the investment is paid into the trust or controlled money account on maturity or otherwise. > > > (3) Nothing in this section affects a deposit or instalment being paid by way of deposit bond, bank guarantee or other similar arrangement. > > **ss 66ZM–66ZU:** Ins 2018 No 75, Sch 1\[15\].