New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2022 - REG 31

31 Records of trust money to be kept by licensees--the Act, s 86

(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 English.

(2) The records must be kept--

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

(b) if the licensee's business is conducted at more than 1 place of business--at the place of business where the business to which the records relate was conducted.

(3) If a computer system is used for the purpose of recording information that is reproduced in the records required by this Part, the licensee must keep the computer system records required by section 33 at the licensee's registered office.

(4) 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 section 30 for the month, and

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

: Maximum penalty--

(a) for a corporation--40 penalty units, or

(b) otherwise--20 penalty units.