28Trust accounts

28 Trust accounts

(1)  [Section 28 Subsection (1) amended by No. 58 of 2005, s. 26, Applied:01 Jan 2006] The holder of an agent licence in respect of the operation of a commercial agency must –

(a) maintain a trust account in an authorised deposit-taking institution in this State; and

(b) deposit any money received for or on behalf of a client into that trust account; and

(c) keep that money in that trust account until –

(i) paid to the client or reimbursed as the client directs; or

(ii) ordered otherwise by an order of a court.

Penalty:  In the case of –

(a) a body corporate, 500 penalty units; and

(b) a natural person, 100 penalty units.

(2)  The holder of an agent licence must not use money in a trust account of the holder –

(a) for the payment of debts of the holder; or

(b) for the payment of any creditor of the holder; or

(c) for an attachment or execution under an order of a court at the instance of any creditor of the holder.

Penalty:  In the case of –

(a) a body corporate, 500 penalty units; and

(b) a natural person, 100 penalty units.

(3)  [Section 28 Subsection (3) amended by No. 39 of 2010, s. 26, Applied:01 Jul 2011] [Section 28 Subsection (3) amended by No. 39 of 2010, s. 26, Applied:01 Jul 2011] [Section 28 Subsection (3) amended by No. 58 of 2005, s. 26, Applied:01 Jan 2006] The Director, by notice in writing, may require the holder or previous holder of an agent licence who operates or operated a commercial agency to provide any information the Director considers necessary to investigate whether or not an offence has been committed under this section.