136Deficiency in trust account

136 Deficiency in trust account

(1)  In this section –

cause includes be responsible for;

deficiency in a trust account includes the non-inclusion or exclusion of the whole or any part of an amount that is required to be included in the account.

(2)  A property agent is guilty of an offence if he or she, without reasonable excuse, causes –

(a) a deficiency in a trust account maintained by the property agent; or

(b) a failure to pay or deliver any trust money.

Penalty:  Fine not exceeding 200 penalty units.

(3)  If a property agent becomes aware of a deficiency in a trust account maintained by the property agent, the property agent must take reasonable steps to rectify the deficiency.

Penalty:  Fine not exceeding 200 penalty units.