Queensland Consolidated Acts

AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 17

17 Investments—property agents

(1) A property agent under the Property Occupations Act 2014 may invest an amount under subsection (2) if—

(a) the agent receives the amount for a sale; and

(b) the sale is to be completed on a day that is—

(i) stated in the contract or ascertainable on the day the contract is entered into; and

(ii) more than 60 days after the amount is received; and

(c) the amount is received with a direction from all parties to the sale that it be invested.

(2) The agent must pay the amount as required by the direction to a special trust account with a branch of a financial institution within the State operated for the investment of the amount.

Penalty—

Maximum penalty for subsection (2) —200 penalty units or 2 years imprisonment.