63Duty to keep accounts of trust money received etc.

63 Duty to keep accounts of trust money received etc. (1) Every estate agent shall— (a) keep full and accurate accounting records so as to show the true position of all moneys received by him and required to be dealt with in accordance with section 59 and any disbursements or disposal of, or dealing with, those moneys in such a manner as— (i) to disclose at any time the entitlement to those moneys; (ii) to show particulars of every transaction to which the accounting records relate; (iii) to specify the day on which, or the period during which, every such transaction took place; and (iv) to enable the accounts of those moneys to be conveniently and properly audited in accordance with this Act; S. 63(1)(b) amended by No. 9500 s. 14. (b) before the end of the next business day after the day on which the money is received, disbursed, disposed of or dealt with enter into the accounting records the particulars required under paragraph (a); and (c) correctly balance the accounts at the end of each month; and S. 63(1)(d) amended by No. 29/1989 s. 19(1). (d) keep records of all balances of accounts held at authorised financial institutions of such moneys and keep such files and other records as will explain a transaction referred to in this subsection. (2) The accounting records and files and other records referred to in subsection (1) shall be kept in written or printed form in the English language or so as to enable the accounting records and files or other records to be readily accessible and readily convertible into written or printed form in the English language. S. 63(3) amended by No. 10028 s. 35(a)(i)(ii), substituted by No. 41/2003 s. 39(1). (3) Subject to subsection (4), if an estate agent receives money (including rent money) for or on behalf of any other person, the agent must— (a) immediately write out and give to the person from whom the money was received a receipt for the money; and (b) retain a duplicate copy of the receipt (or other record approved by the Director) clearly marked with the word "Duplicate" for a period of 7 years. S. 63(3A) inserted by No. 10028 s. 35(b), amended by Nos 86/1994 s. 47(zo), 52/1998 s. 98, repealed by No. 41/2003 s. 39(1). S. 63(3B) inserted by No. 10028 s. 35(b). (3B) Receipts given under subsection (3) and the duplicate copies or other records of those receipts shall— (a) have the words "Trust Account" printed on them; S. 63(3B)(b) amended by Nos 86/1994 s. 47(zo), 52/1998 s. 98. (b) be numbered sequentially, or numbered or marked by some other method approved by the Director which ensures that each receipt can be identified and that the number or mark on each copy or record is the same as that on its original; and (c) have that numbering or marking endorsed on them before they are written out. S. 63(4) amended by Nos 10028 s. 35(c), 86/1994 s. 32(2), substituted by No. 41/2003 s. 39(2). (4) An estate agent is not required to— (a) retain a duplicate copy of a receipt in relation to a cash payment if an electronic record of the payment was made as soon as was practicable after the payment was received; (b) give a receipt in relation to a payment made in the form of a cheque or an electronic funds transfer if— (i) an electronic record of the payment was made as soon as was practicable after the payment was received; and (ii) the person making the payment does not request a receipt; (c) retain a receipt or the duplicate copy of the receipt in relation to a payment made in the form of a cheque or an electronic funds transfer if an electronic record of the payment was made as soon as was practicable after the payment was received. (5) The estate agent shall— S. 63(5)(a) amended by No. 10028 s. 35(d). (a) produce the retained duplicates other records and receipts (as the case may be) to the auditor at every audit and at such times as the auditor reasonably requires; and (b) deliver to the auditor at every audit a statutory declaration stating what receipt forms came into his possession since the last audit. S. 63(6) repealed by No. 10028 s. 35(e). S. 63(7)–(9) amended by No. 9925 s. 5(a), repealed by No. 10028 s. 35(e). S. 63A inserted by No. 41/2003 s. 40.