2009/279
Rt Hon Sir Peter Blanchard, Administrator of the Government
At Wellington this 28th day of September 2009
Present:His Excellency the Administrator of the Government in Council
Pursuant to sections 125 and 156 of the Real Estate Agents Act 2008, His Excellency the Administrator of the Government, acting on the advice and with the consent of the Executive Council, makes the following regulations.
1 Title
2 Commencement
3 Purpose
4 Interpretation
Duties of agencies in relation to trust accounts
5 Operation of trust accounts
6 Trust account records
7 Receipt and payment of trust account money
8 Form of trust receipts
Appointment of auditor
9 Agencies must appoint auditor
10 Who may be appointed as auditor
11 Persons disqualified from appointment as auditor
12 New agency must notify appointment of auditor before receiving money
13 Agency must notify Authority of replacement if auditor disqualified or no longer engaged
Duties of agencies in relation to audits
14 General duty to provide access, information, and records
15 Duty to provide monthly list of balances and reconciliation statement
16 Duty to report in respect of each audit period
17 Duty to provide information for annual audit report
18 Duty of agency ceasing to carry on business
19 Auditor's fees
Duties of auditors
20 General duty
21 Duty to perform at least 3 examinations each year
22 Duty to provide annual audit report
23 Duty to report defaults and irregularities
Inactive trust accounts
24 Agency's duties in respect of inactive trust accounts
25 Auditor's duties when notified of inactive trust account
26 Reactivation of inactive trust account
Disclosure of information to and by auditor
27 Disclosure of information by bank to auditor
28 Disclosure of information by auditor
Miscellaneous
29 Service of notices
30 Offences
31 Revocation
Transitional provisions
32 Initial notification of auditors
33 Inactive trust accounts
Explanatory notè
Administrative information