Queensland Consolidated Acts

AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 16

16 Dealing with amount on receipt

An agent must, before the end of the first business day after receiving the amount—

(a) pay it to the agent’s general trust account; or

Example—

A licensee who collects an amount of rent for a property owner must pay the amount to the licensee’s general trust account before the money can be paid from the account under section 22 .

(b) if section 17 (1) applies, invest it under section 17 (2) .

Penalty—

Maximum penalty—200 penalty units or 2 years imprisonment.