Western Australian Consolidated Acts Western Australian Consolidated Acts (1A) On and after the
referral day, subsections (1), (2), (3), (4), (5) and (6) have no effect.
(1) When a finance
broker receives money for or on behalf of any other person he shall forthwith
give to the person paying the money a receipt for it complying with this
section and specifying briefly the subject matter or purpose in respect of
which the money was received, and shall retain legible carbon duplicates of
the receipt.
(2) Receipts issued
under subsection (1) shall be taken from bound books containing not less
than 100 receipts and arranged so that a carbon duplicate of each receipt
issued shall be retained in the book.
(3) The finance broker
shall produce the retained duplicates in the appropriate books to the auditor
at every audit, and at such other times as the auditor may reasonably require.
(4) The receipts and
the duplicates thereof shall be so numbered and or lettered or both that every
receipt can be identified and so that the receipt and duplicate have the same
number or letter.
(5)
Subsections (1) to (4) do not apply in the case of a finance broker if
the finance broker’s auditor certifies to the Commissioner that he is
satisfied with the system employed by the finance broker and that the receipt
books are so kept and entered up as to enable the accounts to be properly and
conveniently audited, and the Commissioner approves of the system employed by
the finance broker of recording the receipt of moneys.
(6) On receipt of any
moneys by a finance broker in respect of a loan, or in respect of interest on
a loan, he shall render to the person on whose behalf the money is received an
account in writing of all such moneys and of the application thereof.
[Section 49 amended by No. 53 of 2004
s. 39; No. 14 of 2010 s. 60.]