Queensland Consolidated Acts

AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 24

24 Duties of financial institution managers

(1) The manager or principal officer of an office or branch of a financial institution where trust money has been deposited, whether to a trust account or another account, must—

(a) allow an inspector, on written demand signed by the inspector, to inspect and copy documents relating to the account; and

(b) immediately an agent’s trust account is overdrawn, inform the chief executive of that fact; and

(c) immediately there is insufficient money in an agent’s trust account to meet a cheque drawn on the account, inform the chief executive of—

(i) the amount for which the cheque is drawn; and

(ii) the amount in the account.

Penalty—

Maximum penalty—200 penalty units or 1 year’s imprisonment.

(2) In this section—

"agent" includes—

(a) a former agent; and

(b) a person who is not licensed, but who acts as a licensee.

"trust money" includes—

(a) an amount that, under section 16 , is required to be deposited to an agent’s trust account; and

(b) an instrument for the payment of an amount mentioned in paragraph (a) if the instrument may be paid into a financial institution; and

(c) a security for an amount mentioned in paragraph (a) if title to the security is transferable by delivery.