Unclaimed trust money held by licensee

Current

(1)

Money that has been held by a licensee for more than 2 years in a trust account kept by the licensee is unclaimed money for the purposes of this Act.

(2)

A licensee who has held money for more than 2 years in a trust account kept by the licensee must make reasonable efforts—

(a)

to identify and locate the owner of the money, and

(b)

to ensure that the money is paid to the owner of the money.

Maximum penalty—

(a)

for an individual—250 penalty units, or

(b)

otherwise—500 penalty units.

Note.

Unclaimed money is required to be paid to the Chief Commissioner after 30 June in each year. See section 10.

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