Victorian Consolidated Regulations Victorian Consolidated Regulations(1) For the purposes of section 77(1)(b) of the Act, the relevant procedures are those set out in subregulation (2) or (3) (as applicable).
(2) The licensee may withdraw the trust money if—
(a) before effecting the withdrawal, the licensee gives the person—
(i) a request for payment, referring to the proposed withdrawal; or
(ii) a written notice of withdrawal; and
(b) the money—
(i) is withdrawn in accordance with a costs agreement that authorises the withdrawal; or
(ii) is withdrawn in accordance with instructions that have been received by the licensee authorising the withdrawal; or
(iii) is owed to the licensee by way of third party disbursements incurred on behalf of the person.
(3) The licensee may withdraw the trust money if the licensee has given the person a bill relating to the money and—
(a) the person—
(i) has not objected to withdrawal of the money within 7 days after being given the bill; or
(ii) has objected within 7 days after being given the bill but has not made a complaint to the Director under Part 6.2 of the Australian Consumer Law and Fair Trading Act 2012 or made an application to VCAT under Chapter 7 of the Australian Consumer Law and Fair Trading Act 2012 within 60 days after being given the bill; or
(b) the money otherwise becomes legally payable.
(4) Instructions referred to in subregulation (2)(b)(ii)—
(a) if given in writing, must be kept as a permanent record; or
(b) if not given in writing, must be reduced to writing not later than 5 business days after the licensee effects the withdrawal and a copy must be kept as a permanent record.
(5) For the purposes of subregulation (2)(b)(iii), money is taken to have been paid by the licensee on behalf of the person when the relevant account of the licensee has been debited.