Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 34B

34B Notice of retention trust account’s opening, closing or name change

(1) This section applies if a trustee, or another person on behalf of the trustee, takes any of the following actions in relation to the retention trust account—

(a) opens the account;

(b) changes the name of the account;

(c) closes the account;

(d) transfers the account.

(2) Within 5 business days after taking the action, the trustee must, using an approved way, give the commissioner a notice—

(a) stating the action taken; and

(b) including the information prescribed by regulation.

Penalty—

Maximum penalty—200 penalty units.