sec.111Opening and keeping trust accounts

sec.111 Opening and keeping trust accounts

A principal field agent must open and keep a trust account under the Administration Act if an amount is likely to be received by the agent for a transaction, or with written direction for its use, when performing a regulated activity. Maximum penalty—200 penalty units or 2 years imprisonment. A principal collection agent must open and keep a trust account under the Administration Act if an amount is likely to be received by the agent for a transaction, or with written direction for its use, when performing a debt collection activity. Maximum penalty—200 penalty units or 2 years imprisonment. In this section— amount does not include an amount payable to a field agent or collection agent for a transaction in refund of an expense the agent was authorised to incur and did incur and for which the agent holds a receipt. principal collection agent means a collection agent who carries on a regulated business on the agent’s own behalf. (sec.111-ssec.1) A principal field agent must open and keep a trust account under the Administration Act if an amount is likely to be received by the agent for a transaction, or with written direction for its use, when performing a regulated activity. Maximum penalty—200 penalty units or 2 years imprisonment. (sec.111-ssec.2) A principal collection agent must open and keep a trust account under the Administration Act if an amount is likely to be received by the agent for a transaction, or with written direction for its use, when performing a debt collection activity. Maximum penalty—200 penalty units or 2 years imprisonment. (sec.111-ssec.3) In this section— amount does not include an amount payable to a field agent or collection agent for a transaction in refund of an expense the agent was authorised to incur and did incur and for which the agent holds a receipt. principal collection agent means a collection agent who carries on a regulated business on the agent’s own behalf.