Victorian Current Acts Victorian Current Acts(1) As soon as practicable after receiving controlled money, a licensee must deposit the money in the account specified in the written direction relating to the money.
Penalty: 120 penalty units.
(2) The licensee must hold controlled money deposited in a controlled money account in accordance with subsection (1) exclusively for the person on whose behalf it was received.
Penalty: 120 penalty units.
(3) A licensee that holds controlled money deposited in a controlled money account in accordance with subsection (1) must not disburse the money except in accordance with—
(a) the written direction mentioned in that subsection; or
(b) a later written direction given by or on behalf of the person on whose behalf the money was received.
Penalty: 120 penalty units.
(4) The licensee must maintain the controlled money account, and account for the controlled money, as required by the regulations.
Penalty: 60 penalty units.
(5) The licensee must keep a written direction mentioned in this section for the period prescribed by the regulations.
Penalty: 60 penalty units.
(6) The licensee must ensure that the controlled money account is used for the deposit of controlled money received on behalf of the person referred to in subsection (2), and not for the deposit of controlled money received on behalf of any other person, except to the extent that the regulations otherwise permit.
Penalty: 120 penalty units.
(7) Subsection (3) applies subject to an order of a court of competent jurisdiction or as authorised by law.