Obligations in relation to trust account money
99 Obligations in relation to trust account money
Requirement to pay money to credit of trust account
The credit service licensee must pay to the credit of the trust account any money received by the credit service licensee on behalf of another person in relation to the credit service provided by the licensee.
Civil penalty: 5,000 penalty units.
Requirement in relation to withdrawal of money from trust account
The credit service licensee must not withdraw any money paid into the trust account, other than for the purpose of paying the money in accordance with subsection (3).
Civil penalty: 5,000 penalty units.
Requirement in relation to payment of money from trust account
The credit service licensee must pay any money withdrawn from the trust account to the person or persons lawfully entitled to receive that money.
Civil penalty: 5,000 penalty units.
Offence
The credit service licensee commits an offence if:
the credit service licensee is subject to a requirement under subsection (1), (2) or (3); and
the credit service licensee engages in conduct; and
the conduct contravenes the requirement.
Criminal penalty: 6 months imprisonment.
Trust account money not available for payment of debts etc.
Money paid into a trust account by the credit service licensee under this section:
is not available for the payment of a debt of any other creditor of the credit service licensee; and
is not liable to be attached or taken in execution under the order or process of a court at the instance of any such creditors.
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