New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2014 - REG 20

20 Records of trust money to be kept by licensees

(1) A licensee must keep the records required by this Part in a form from which the information can be produced on demand in permanent legible form in the English language.

(2) A licensee must keep the records required by this Part at the licensee's registered office, unless the licensee keeps those records as permitted by subclause (4).

(3) If a computer system is used for the purpose of recording any information that is reproduced in the records required by this Part, the licensee must keep the computer system records required by clause 22 at the licensee's registered office.

(4) A licensee may, at each separate place of business at which the licensee's business is conducted, keep the records required by this Part for business transacted at that place of business.

(5) A licensee must, within 21 days after the end of each month--

(a) compile with the records kept by the licensee under this Part the original, or a true copy, of each trial balance statement prepared by the licensee in accordance with clause 29 for that month, and

(b) maintain a summary of the total of trust money disclosed in the trial balance statements for that month.

: Maximum penalty--

(a) 40 penalty units in the case of a corporation, or

(b) 20 penalty units in any other case.