27Notice of trust account

27 Notice of trust account

(1)  Within 7 days after opening a trust account, a property agent must give the Board written notice of –

(a) the name of the approved institution where the trust account was opened; and

(b) the branch of the approved institution; and

(c) the name and number of the account.

Penalty:  Fine not exceeding 50 penalty units.

(2)  Within 7 days after closing a trust account, a property agent or a person who ceases to carry on the business of a property agent, must give the Board written notice of the closure of the account by reference to the name and number of the account.