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].