Victorian Consolidated Regulations

CONVEYANCERS (TRUST ACCOUNT AND GENERAL) REGULATIONS 2018

TABLE OF PROVISIONS

   PART 1--PRELIMINARY

   1.      Objectives  
   2.      Authorising provision  
   3.      Commencement  
   4.      Revocations  
   5.      Definitions  

   PART 2--TRUST ACCOUNTS AND TRUST MONEY

           Division 1--Authorised employees

   6.      Licensee may authorise employee  

           Division 2--Computerised accounting system

   7.      Application of Division  
   8.      Licensee must keep chronological record of creation, amendment and deletion of information  
   9.      Requirements regarding computerised accounting system  
   10.     Back-ups  

           Division 3--General trust accounts

   11.     Establishment and maintenance of general trust account  
   12.     Receipting of trust money  
   13.     Deposit records for trust money  
   14.     Payment by cheque  
   15.     Payment by electronic funds transfer  
   16.     Recording transactions in trust account cash books  
   17.     Trust account receipts cash book  
   18.     Trust account payments cash book  
   19.     Recording transactions in trust ledger accounts  
   20.     Journal transfers  
   21.     Reconciliation of trust records  
   22.     Trust ledger account in name of conveyancing business or licensee  

           Division 4--Controlled money

   23.     Requirements for controlled money accounts  
   24.     Maintenance of controlled money accounts  
   25.     Receipt of controlled money  
   26.     Withdrawal of controlled money must be authorised  
   27.     Register of controlled money  

           Division 5--Transit money

   28.     Information to be recorded about transit money  

           Division 6--Trust money generally

   29.     Trust account statements  
   30.     Trust account statements for institutional clients  
   31.     Withdrawing trust money for costs  
   32.     Duration for keeping of trust records  

           Division 7--Miscellaneous

   33.     Exemption  

   PART 3--GENERAL

   34.     Statutory declaration on ceasing to hold trust money  
   35.     Claims against the Fund  
   36.     Disallowance of a claim against the Fund  
   37.     Embargo notice  
   38.     Infringement offences and infringement penalties  
           SCHEDULE 1
           SCHEDULE 2
           ENDNOTES