NSWIn ForceAct
Property and Stock Agents Act 2002
89Licensee to notify trust account becoming overdrawn
Start here
Get a plain-English read of 89
Turn the raw legal text into a practical explanation grounded in Property and Stock Agents Act 2002.
89 Licensee to notify trust account becoming overdrawn
89 Licensee to notify trust account becoming overdrawn
A licensee must, within 5 days after becoming aware that a trust account of the licensee has become overdrawn, notify the Secretary in writing of—
(a) the name and number of the account, and
(b) the amount by which the account is overdrawn, and
(c) the reason for the account becoming overdrawn.
Maximum penalty—100 penalty units.