17Trust accounts

17 Trust accounts

(1)  A conveyancer must –

(a) [Section 17 Subsection (1) amended by No. 29 of 2022, s. 20, Applied:01 Jul 2023] maintain a trust account in an approved institution with a branch or head office in this State; and

(b) deposit any money received for, or on behalf of, a client in that trust account; and

(c) keep that money in that trust account until it is paid as the client directs.

Penalty:  Fine not exceeding 100 penalty units.

(2)  A conveyancer must not use money in a trust account of the conveyancer –

(a) for the payment of debts of the conveyancer; or

(b) for the payment of any creditor of the conveyancer; or

(c) for an attachment or execution under an order of a court at the instance of any creditor of the conveyancer.

Penalty:  Fine not exceeding 100 penalty units.

(3)  The Director may, by notice in writing, require the holder or previous holder of a licence to provide any information that the Director considers necessary to investigate whether or not an offence has been committed under this section.

(4)  A conveyancer who becomes entitled to money held in the conveyancer's trust account in or towards satisfaction of the conveyancer's fees, costs or disbursements must, as soon as practicable and in any event within 3 months, transfer the money to an account maintained by the conveyancer for receipts other than trust money.