Victorian Consolidated Regulations Victorian Consolidated Regulations(1) This regulation applies if a licensee receives controlled money.
(2) The licensee must operate a separate controlled money receipt system for the receipt of controlled money for all the licensee's controlled money accounts.
(3) After receiving controlled money, the licensee must make out a receipt as soon as practicable—
(a) after the controlled money is received; or
(b) in the case of controlled money received by direct deposit, after the licensee receives notice or confirmation (in written or electronic form) of the deposit from the ADI concerned.
(4) The licensee must—
(a) ensure the receipt contains the required particulars; and
(b) make out the receipt in duplicate, unless at the time the receipt is made out those particulars are recorded by a computerised accounting system in the register of controlled money.
(5) For the purposes of subregulation (4), the required particulars are as follows—
(a) the date the receipt is made out and, if different, the date the money was received;
(b) the amount of money received;
(c) the form in which the money was received;
(d) the name of the person from whom the money was received;
(e) the name of the person on whose behalf the money was received and the matter description and matter reference;
(f) the purpose for which the money was received;
(g) the name of, and other details clearly identifying, the controlled money account to be credited, unless the account has not been established by the time the receipt is made out;
(h) the name of the licensee's conveyancing business, or the business name under which the licensee performs conveyancing work, and the expression "controlled money receipt";
(i) the name of the person who made out the receipt;
(j) the receipt number.
(6) If the controlled money account to be credited has not been established before the receipt is made out, the licensee must ensure that the name of, and other details clearly identifying, the account when established are included on the duplicate receipt (if any).
(7) The licensee must give the original receipt, on request, to the person from whom the controlled money was received.
(8) The licensee must ensure that receipts are consecutively numbered and issued in consecutive sequence.
(9) The licensee must keep the original receipt if the receipt is cancelled or not delivered.
(10) A receipt is not required to be made out for any interest or other income received from the investment of controlled money and credited directly to a controlled money account.