TASIn ForceAct
Property Agents and Land Transactions Act 2016
148Trust accounts to be kept only with approved institutions
Start here
Get a plain-English read of 148
Turn the raw legal text into a practical explanation grounded in Property Agents and Land Transactions Act 2016.
148 Trust accounts to be kept only with approved institutions
A real estate agent named in Part 1(1) of the Register, a property manager named in Part 2(1) of the Register or a general auctioneer named in Part 3(1) of the Register must not maintain a trust account with an authorised deposit-taking institution that is not an approved institution.
Penalty: Fine not exceeding 1 000 penalty units.