9CUnclaimed trust money held by former licensee or personal representative

#### 9C Unclaimed trust money held by former licensee or personal representative 9C Unclaimed trust money held by former licensee or personal representative > > (1) Money held in a trust account by a former licensee or the personal representative of a deceased licensee is unclaimed money for the purposes of this Act but section 10 does not apply to the money. > > > (2) A former licensee, or the personal representative of a deceased licensee, who holds unclaimed money must within the required time for compliance with this section— > > > > > (a) lodge with the Chief Commissioner a return relating to the unclaimed money in a form approved by the Chief Commissioner, and > > > > > (b) pay the amount of the unclaimed money to the Chief Commissioner. > > > (3) The required time for compliance with this section is 3 months after the date on which the person ceased to be a licensee or became the personal representative of the deceased licensee (or such longer period as the Chief Commissioner may in a particular case allow). > > > (4) The Chief Commissioner is to pay money received under this section into the Consolidated Fund. > > > (5) A former licensee, or the personal representative of a deceased licensee, who fails to comply with this section is guilty of an offence and is liable— > > > > > (a) to a penalty not exceeding 250 penalty units for an individual or 500 penalty units otherwise, and > > > > > (b) to a further penalty not exceeding 50 penalty units for each day after the period within which he or she was required to comply during which the failure continues. > > **s 9C:** Ins 2013 No 3, Sch 2 \[2\]. Am 2025 No 37, Sch 8\[5\] \[6\].