Division Div 2 - Settlement Agents Act 1981 - Trust accounts

Division 2 — Trust accounts

49A. Client may ask settlement agent for separate trust account 43

49B. Interest on trust accounts 44

49C. Settlement agents to give Commissioner information about trust accounts 45

Receipts, accounts etc. by settlement agents 46
Audits of trust accounts 46
Date of audit, Commissioner may change 48
Auditors, qualification and approval of 49
Auditors, appointment of 50
Audit of business carried on at more than one place, directions as to 50
Approvals etc. under this Division, Commissioner’s power to cancel etc. 51
Audits, settlement agents’ duties and auditors’ powers as to 51
Audits, bankers’ duties as to 51
Auditors’ reports, content of 52
Moneys etc. held on trust, statement of by settlement agents 52
Auditor’s report to report breaches of law etc. 53
Auditors’ duty of confidentiality 54
Right of some persons to information in auditors’ reports 54
Offences under this Division 55
Auditors’ remuneration 55
Settlement agents with no accounts to audit 55
Accounts of firm or body corporate or settlement agent with branch office, effect of audits as to 56
Audit of trust account, Commissioner may do 56
Settlement agent to allow Commissioner’s auditor etc. to inspect accounts etc. 57
Cost of audit done under s. 69 57
Application of s. 63 to certain persons 57
Restraining bank etc. from dealing with settlement agent’s account, SAT’s powers as to 58
Suspension of settlement agents, appointment of supervisors etc., SAT’s powers as to 59
Effect of s. 74 orders appointing supervisor 61
Supervisors’ duties 62
Hindering etc. supervisors, offence 63

Div 2Trust accounts