Western Australian Consolidated Acts

SETTLEMENT AGENTS ACT 1981 - SECT 49C

49C .         Settlement agents to give Commissioner information about trust accounts

        (1)         When a settlement agent opens or closes a trust account, the settlement agent shall, as soon as is practicable, inform the Commissioner in writing of the opening or closure of the trust account and, in doing so, shall specify —

            (a)         the name and number of the trust account; and

            (b)         the name and address of the authorised financial institution with which the trust account is or was maintained.

        (2)         Subsection (1) does not apply to a separate account.

        (3)         If a settlement agent’s trust account is overdrawn, both the settlement agent and the authorised financial institution with which the trust account is maintained shall, as soon as is practicable, inform the Commissioner in writing of —

            (a)         the name and number of the trust account; and

            (b)         the amount by which the trust account is overdrawn.

        [Section 49C inserted by No. 59 of 1995 s. 68; amended by No. 58 of 2010 s. 176.]