Victorian Numbered Regulations Victorian Numbered Regulations(1) An estate agent must ensure that the computerised account system for the estate agency business is not capable of accepting the entry of a transaction that results in a debit balance in a trust account, unless a contemporaneous record of the transaction is made in a manner that enables the production, in a permanent form, on demand, of a separate chronological report of all such occurrences.
Penalty: 20 penalty units.
(2) An estate agent must ensure that the system is not capable of deleting a trust ledger account unless—
(a) the balance of the account is zero and all outstanding cheques have been presented; and
(b) where the account is deleted, a copy of the account is retained in a permanent form.
Penalty: 20 penalty units.
(3) The estate agent must ensure that any entry in the record required under subregulation (1) appears in chronological sequence.
Penalty: 5 penalty units.
(4) An estate agent must ensure each page of each record required under subregulation (1) is numbered sequentially under program control in a manner that enables the completeness of the records required to be conveniently verified.
Penalty: 10 penalty units.
(5) An estate agent must ensure that the system is not capable of amending the particulars of a transaction already recorded otherwise than by a transaction separately recorded that makes the amendment.
Penalty: 10 penalty units.
(6) The estate agent must ensure that the system requires input in every field of a data entry screen intended to receive information by this Part to be included in trust records.
Penalty: 5 penalty units.