56
In forceLicensee to notify trust account becoming overdrawn
Part 5Trust money
Division 2Payment of trust money into trust account
56 Licensee to notify trust account becoming overdrawn
A licensee must, within 5 days after becoming aware that a trust account of the licensee has become overdrawn, notify the Secretary in writing of—
(a)
the name and number of the account, and
(b)
the amount by which the account is overdrawn, and
(c)
the reason for the account becoming overdrawn.
Maximum penalty—100 penalty units.
This Act’s bill:Explanatory memorandumSecond reading speech
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