24Records may be prepared and stored electronically

24 Records may be prepared and stored electronically

(1)  Subject to subregulation (3), a property agent may prepare and store trust account records in writing or electronically.

(2)  If trust account records are prepared and stored electronically, the property agent must –

(a) at least once in each calendar month, separate the electronic trust account records into individual accounts for each month; and

(b) have a means of retrieving the electronic records; and

(c) record, in writing, details of how the electronic records may be retrieved.

Penalty:  Fine not exceeding 50 penalty units.

(3)  The Board, by written notice, may require a property agent to store specified trust account records in writing for such period as is specified in the notice.

(4)  A property agent must comply with a notice under subregulation (3) .

Penalty:  Fine not exceeding 50 penalty units.