13Trust account cheques

13 Trust account cheques

(1)  A trust account cheque 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 ABN or ACN of the property agent or business named; and

(iii) the words "trust account"; and

(iv) the serial number of the cheque; and

(b) state –

(i) the name of the person to whom the payment is made; and

(ii) the date on which the cheque is written; and

(iii) the amount of the payment; and

(c) be signed by –

(i) the person in charge of the business; or

(ii) a person acting for or on behalf of the person in charge of the business with the approval of the person in charge.

(2)  A property agent must ensure that trust account cheques are –

(a) consecutively numbered; and

(b) printed with those numbers by a machine; and

(c) marked "Not Negotiable"; and

(d) not made out payable to "Cash".

Penalty:  Fine not exceeding 50 penalty units.