New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 104

104 Licensee to make and keep certain records

(1) A licensee must make the following records--

(a) a record containing full particulars of all transactions by or with the licensee in connection with his or her business as a licensee,

(b) such other records relating to the licensee's business as a licensee as may be required by the regulations.

(2) A record required by this section must be kept for at least 3 years after it is made.

(3) The record must be kept--

(a) by the licensee at the licensee's registered office (while the licensee remains a licensee), or

(b) if the licensee ceases to be a licensee, by the former licensee in his or her possession, custody or control unless the former licensee authorises some other person to have possession, custody or control of the record, or

(c) by any other person who obtains possession, custody or control of the record whether as a result of being the personal representative of a deceased licensee or by transfer of the business of the licensee or otherwise.

(4) The regulations may make provision for the manner and form in which a record required by this section is to be kept.

(5) An entry in a record made under this section and kept at the registered office of a licensee is presumed, unless the contrary is proved, to have been made by or with the authority of the licensee.

(6) A person who contravenes a provision of this section is guilty of an offence.

: Maximum penalty--50 penalty units.