135Trust money to be paid into trust account

135 Trust money to be paid into trust account

(1)  When –

(a) a real estate agent named in Part 1(1) of the Register; or

(b) a property manager named in Part 2(1) of the Register; or

(c) a general auctioneer named in Part 3(1) of the Register; or

(d) a person employed by any such property agent –

receives trust money, the property agent or person must, without delay, pay the money into a trust account maintained by the property agent.

Penalty:  Fine not exceeding 500 penalty units.

(2)  It is a defence for a property agent or person charged with an offence of failing to comply with subsection (1) to show –

(a) that all the parties to the transaction agreed that the property agent or person need not comply with the subsection; and

(b) that the money was paid into a trust account in the joint names of those parties.

(3)  A person with a claim on money deposited in a trust account in accordance with subsection (1) has no right to any interest earned on the money.