South Australian Current Acts

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LAND AGENTS ACT 1994 - SECT 21

21—Keeping of records

        (1)         An agent must keep detailed records of all trust money received by the agent and of any disbursement of, or other dealing with, that money and must compile detailed accounts of those receipts and disbursements that—

            (a)         accurately disclose the state of the trust account maintained by the agent; and

            (b)         enable the receipt and disposition of trust money to be conveniently and properly audited; and

            (c)         comply with all other requirements specified by regulation.

Maximum penalty: $20 000.

        (2)         In particular, the agent must, in respect of the receipt of trust money

            (a)         make available to the person making payment a receipt that sets out the information specified by regulation in the form specified by regulation; and

            (b)         make and retain a copy of the receipt as part of the agent's records.

Maximum penalty: $20 000.

        (3)         An agent must, at the request of a person who has an interest in trust money, provide that person with a statement setting out details of dealings by the agent with the money.

Maximum penalty: $20 000.

        (4)         An agent must keep the accounts and records referred to in this section or a corresponding previous enactment in a legible written form, or so as to be readily convertible into such a form, for at least five years.

Maximum penalty: $20 000.



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