Victorian Numbered Acts

CONVEYANCERS ACT 2006 (NO 75 OF 2006) - SECT 69

    (1)     A licensee must—

        (a)         hold trust money deposited in a general trust account of the licensee exclusively for the person on whose behalf it is received; and

        (b)     disburse the trust money only in accordance with a direction given by the person.

Penalty:     120 penalty units.

    (2)     Sub-section (1) applies subject to an order of a court of competent jurisdiction or as authorised by law.

    (3)     A licensee must account for the trust money as required by the regulations.

Penalty:     60 penalty units.