South Australian Numbered Acts

LAND AGENTS (REGISTRATION OF PROPERTY MANAGERS AND OTHER MATTERS) AMENDMENT ACT 2017 (NO 44 OF 2017) - SECT 14

14—Amendment of section 13—Receiving and dealing with trust money

Section 13(1) to (3)—delete subsections (1) to (3) (inclusive) and substitute:

        (1)         An agent, sales representative, property manager or any other person who receives trust money in relation to an agent must, as soon as practicable after receiving the trust money, deposit the money into an account (in the name of the agent) approved by the Commissioner at an ADI.

Maximum penalty: $20 000.

        (2)         An agent, sales representative, property manager or any other person who is entitled to deposit trust money into, withdraw trust money from, or deal with trust money in, an agent's trust account must not—

            (a)         pay money other than trust money into the trust account; or

            (b)         withdraw, or permit another person to withdraw, money from the trust account except as permitted by, and in accordance with, this Part.

Maximum penalty: $20 000.

        (3)         A person—

            (a)         who receives trust money under subsection (1)

; or

            (b)         who is entitled to withdraw or deal with trust money under subsection (2)

,

must not cause a defalcation, misappropriation or misapplication of the trust money.

Maximum penalty:

            (a)         in the case of a natural person—$100 000 or 5 years imprisonment or both;

            (b)         in the case of a body corporate—$250 000.