246Offence not to put money into trust account

246 Offence not to put money into trust account

Within 7 days of receiving a security deposit, an establishment fee, a fee paid in advance in accordance with section 242(2) or a reservation fee in respect of a resident, a provider must place the security deposit, establishment fee, fee paid in advance or reservation fee into a trust account held at an ADI.

The Interpretation of Legislation Act 1984 provides that an ADI means an authorised deposit-taking institution within the meaning of the Banking Act 1959 of the Commonwealth.