Payment of trust money
13 Payment of trust money
A conveyancer must not make a payment of trust money in cash. Maximum penalty: Maximum penalty: $2 500.
When a conveyancer makes a payment of trust money by cheque, the conveyancer—
must ensure that the cheque is marked with the name of the conveyancer and the words "Trust Account"; and
must—
cause the cheque to be crossed and endorsed "Not negotiable";
or
obtain from the person receiving the cheque a receipt that complies with subregulation (4) and keep the receipt as part of the conveyancer's records. Maximum penalty: Maximum penalty: $2 500.
When a conveyancer makes a payment of trust money by cheque, the conveyancer must prepare and keep as part of the conveyancer's records a cheque stub or voucher containing the following information:
the date and reference number of the cheque;
the name of the payee;
the client name or reference and brief particulars of the purpose of the payment;
the amount of the cheque.
The receipt must be legible and contain the following information:
the date and reference number of the cheque;
particulars identifying the trust account against which the cheque is drawn;
the name of the payee;
brief particulars of the purpose of the payment;
the amount of the cheque.
When a conveyancer authorises the payment of trust money by electronic transfer of funds, the conveyancer—
must prepare and keep as part of the conveyancer's records the following information:
the date and reference number of the payment;
the name of the payee;
the client name or reference and brief particulars of the purpose of the payment;
the name or style of the ADI account to which the payment is made, its number and the identifying numbers of the receiving ADI and its branch;
the amount of the payment; and
must, on receiving official written confirmation that the payment has been made, keep that confirmation as part of the conveyancer's records.
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