Western Australian Numbered Acts

LEGAL PROFESSION ACT 2008 (NO. 21 OF 2008) - SECT 248

248 .         Disclosure to clients — money not received or held as trust money

        (1)         In this section —

        “non-trust money” means money that is not trust money for the purposes of this Act because of section 206 or because of a determination under section 207.

        (2)         When money entrusted to a law practice is or becomes non-trust money, the practice must, in accordance with this section and the regulations, notify the person who entrusted the money to the practice that —

            (a)         the money is not treated as trust money for the purposes of this Act and is not subject to any supervision, investigation or audit requirements of this Act; and

            (b)         a claim against the Guarantee Fund cannot be made in respect of the money.

        Penalty: a fine of $5 000.

        (3)         The notification must be given, in writing, to the person at the time —

            (a)         if the money was non-trust money when it was entrusted to the law practice — when the money is entrusted to the practice; or

            (b)         if the money was trust money when it was entrusted to the practice but becomes non-trust money because of a determination under section 207 — as soon as practicable after the determination is made.

        (4)         The regulations may make provision for or with respect to the form and manner in which notification required by this section is to be given and the contents of the notification.