137Reporting certain irregularities and suspected irregularities

137 Reporting certain irregularities and suspected irregularities

(1)  In this section –

authority means the following:

(a) the Rental Deposit Authority;

(b) the Residential Tenancy Commissioner;

(c) any other person or body prescribed for the purposes of this definition.

(2)  As soon as practicable after a property agent becomes aware of an irregularity in a trust account maintained by the property agent, the property agent must give written notice of the irregularity to –

(a) the Board; and

(b) if an authority is responsible under an Act for the regulation of the trust account concerned, that authority.

Penalty:  Fine not exceeding 50 penalty units.