Section 28 - Security and Investigations Agents Act 2002 - Trust accounts

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### 28 Trust accounts > > (1) [*\[Section 28 Subsection (1) amended by No. 58 of 2005, s. 26, Applied:01 Jan 2006\]*](/view/html/inforce/2006-01-01/act-2005-058#GS26@Hpa@EN) 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) [*\[Section 28 Subsection (3) amended by No. 39 of 2010, s. 26, Applied:01 Jul 2011\]*](/view/html/inforce/2011-07-01/act-2010-039#GS26@Hpb@EN) [*\[Section 28 Subsection (3) amended by No. 39 of 2010, s. 26, Applied:01 Jul 2011\]*](/view/html/inforce/2011-07-01/act-2010-039#GS26@Hpa@EN) [*\[Section 28 Subsection (3) amended by No. 58 of 2005, s. 26, Applied:01 Jan 2006\]*](/view/html/inforce/2006-01-01/act-2005-058#GS26@Hpb@EN) 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.