Queensland Consolidated Acts

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AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 11

Requirements for opening and keeping trust accounts

11 Requirements for opening and keeping trust accounts

(1) An agent must not open a general trust account or special trust account at a place other than the office or branch of an approved financial institution within the State.
Penalty—
Maximum penalty—200 penalty units.
Note—
A special trust account is a trust account created under section 17 in which an amount is held for investment at the direction of both parties to a sale.
(2) Before opening a general trust account or special trust account the agent must give the manager or other officer in charge of the financial institution’s office or branch—
(a) if the person is a licensee—a copy of the licensee’s licence; or
(b) if the person is a collection agent—a copy of the collection agent’s authority to open the account granted under section 10 .
Penalty—
Maximum penalty—200 penalty units.
(3) Subsection (4) applies if—
(a) a collection agent who is not a licensee keeps a general trust account at a financial institution under this part; and
(b) the collection agent becomes a licensee; and
(c) the collection agent intends to continue using the agent’s existing general trust account for transactions carried out under the licence.
(4) The agent must, within 7 days after receiving the licence, give the manager or other officer in charge of the financial institution’s office or branch a copy of the licence.
Penalty—
Maximum penalty—200 penalty units.



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