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DEBT COLLECTORS (FIELD AGENTS AND COLLECTION AGENTS) ACT 2014 - SECT 111
Opening and keeping trust accounts
111 Opening and keeping trust accounts
(1) A principal field agent must open and keep a trust account under the
Administration Act if an amount is likely to be received by the agent for a
transaction, or with written direction for its use, when performing a
regulated activity. Penalty— Maximum penalty—200 penalty units or 2
years imprisonment.
(2) A principal collection agent must open and keep a
trust account under the Administration Act if an amount is likely to be
received by the agent for a transaction, or with written direction for its
use, when performing a debt collection activity. Penalty— Maximum
penalty—200 penalty units or 2 years imprisonment.
(3) In this section—
"amount" does not include an amount payable to a field agent or
collection agent for a transaction in refund of an expense the agent was
authorised to incur and did incur and for which the agent holds a receipt.
"principal collection agent" means a collection agent who carries on a
regulated business on the agent’s own behalf.
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