Client may ask agent for separate trust account
68A Client may ask agent for separate trust account
A person may request that moneys paid by that person to an agent in respect of a transaction be deposited to the credit of a separate interest bearing trust account maintained in accordance with section 68.
A request shall be in writing.
An agent shall, subject to subsection (4), comply with a request.
Where requirements are prescribed under subsection (6), an agent shall only comply with a request if satisfied that those requirements have been met.
An agent shall ensure that all interest credited to a separate account is paid to the person who requested the deposit of moneys in that account.
Regulations made under section 145 may prescribe requirements to be met before a request can be complied with and, without limiting this subsection, those requirements may relate to —
the amount of moneys paid to the agent; or
the type of transaction in respect of which the moneys are paid; or
the length of time for which the moneys are to be deposited.
In this section —
request means a request under subsection (1).
[Section 68A inserted: No. 59 of 1995 s. 14.]
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