Written direction for controlled money
64 Written direction for controlled money
Subject to the regulations, a person may give a written direction to a licensee to deposit money received by the licensee on behalf of the person in an account (other than a general trust account) over which the licensee has or will have exclusive control.
The regulations may prescribe the circumstances in which a direction can or cannot be made under this section.
Without limiting subsection (2), the regulations may prescribe the circumstances in which a direction can or cannot be made under this section by reference to—
the amount of money that may be the subject of a direction;
the type of transaction in respect of which the money is received or held by the licensee;
the length of time for which the money is to be deposited.
This provision refers to the regulations (the regulations
, The regulations may prescribe
). Made under this Act:
- Conveyancers (Fees) Regulations 2018 · under section 188
- Conveyancers (Professional Conduct) Regulations 2018 · under section 188
- Conveyancers (Qualifications and Experience) Regulations 2018 · under section 188
1 more instrument made under this Act are listed on the Act’s overview.
This Act’s bill:Explanatory memorandumSecond reading speech
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