11Record of trust account deposit to be kept

11 Record of trust account deposit to be kept

(1)  A property agent must keep a record of all deposits of trust money into a trust account.

Penalty:  Fine not exceeding 50 penalty units.

(2)  The trust account deposit record is to –

(a) have printed on it –

(i) the property agent's name or the business name under which the property agent carries on business; and

(ii) the words "trust account"; and

(b) state –

(i) the date on which the money was deposited into the trust account; and

(ii) the account number of the trust account; and

(iii) if the money was in the form of a cheque, the name of the drawer of the cheque; and

(c) be signed by –

(i) the property agent; or

(ii) a person approved by the property agent to act for or on behalf of the property agent.

(3)  A property agent must make at least one duplicate of each trust account deposit record.

Penalty:  Fine not exceeding 50 penalty units.