Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 55

55 Approval of financial institutions

(1) The commissioner may approve the financial institutions at which trust accounts may be kept.

(2) However, the commissioner may approve a financial institution under subsection (1) only if the financial institution has entered into an agreement with the commission about providing financial services for trust accounts.

(3) The agreement may provide for the following matters—

(a) a requirement to inform the commissioner of amounts held in trust accounts;

(b) the auditing of trust accounts;

(c) other matters prescribed by regulation.

(4) The commissioner may, if the financial institution agrees, amend or revoke the agreement.

(5) The commissioner must publish the names of all financial institutions approved under section (1) on the commission’s website.