Real Estate Agents (Audit) Regulations 2009

Inactive trust accounts

24 Agency's duties in respect of inactive trust accounts
  • (1) This regulation applies to any agency that has an inactive trust account because—

    • (a) the agency is an individual who previously operated a trust account, but who is now—

      • (i) employed by another agency; or

      • (ii) an officer of a company that is an agent; or

      • (iii) a member of a partnership that operates a partnership trust account; or

    • (b) the agency is no longer actively engaged in carrying on the business of an agent.

    (2) If this subclause applies, the agency must give notice to the agency's auditor in writing that the trust account is inactive and all money in the account has been paid to the persons entitled to it or in accordance with those persons' directions.

    (3) Where an agency has given notice under subclause (2), the agency must—

    • (a) give the auditor all unaudited trust account records, including unused trust receipts, forms, and cheques; and

    • (b) where receipts are generated electronically, take appropriate steps to ensure no further trust receipts are generated.