Agents Financial Administration Amendment Regulation 2021 (Qld)

1   Short title

This regulation may be cited as the Agents Financial Administration Amendment Regulation 2021.

2   Regulation amended

This regulation amends the Agents Financial Administration Regulation 2014.

3   Insertion of new s 2A

After section 2—
insert—

2A   Definitions

In this regulation—

bill includes a rental bond.

bill payment platform means an electronic system for the transfer of funds that is used for the payment of a bill.

4   Amendment of s 9 (Completed trust account receipt form to contain particular information)

(1)Section 9(1)(d), ‘signature.’—
omit, insert—

signature;

(2)Section 9(2), definition built date—
omit, insert—

built date see the Motor Dealers and Chattel Auctioneers Act 2014, schedule 1, section 3C.

5   Amendment of s 14 (Payments by electronic funds transfer)

Section 14(2)(c)—
omit, insert—

(c)if the trust money is paid using a bill payment platform without stating an account number to which it is paid—

(i)the name of the person to whom the money is paid; and

(ii)the name of the bill payment platform; and

(iii)the unique transaction reference for the payment;

(d)if paragraph (c) does not apply—the account name and number to which the money is paid.

6   Amendment of s 16 (Trust account cash book—trust money paid)

(1)Section 16(3)(c) to (e)—
omit, insert—

(c)if the trust money is paid using a bill payment platform without stating an account number to which it is paid—

(i)the name of the person to whom the money is paid; and

(ii)the name of the bill payment platform; and

(iii)the unique transaction reference for the payment;

(d)if paragraph (c) does not apply—

(i)the name of the holder of the account to which the money is paid; and

(ii)the identifying number of the financial institution and account number of the account to which the money is paid; and

(iii)the unique transaction reference for the payment;

(2)Section 16(3)(f) to (h)—
renumber as section 16(3)(e) to (g).

7   Amendment of s 20 (Particulars to be included in ledger account)

(1)Section 20(2)(f)—
omit, insert—

(f)if the entry is for trust money paid by cheque—the cheque number;

(fa)if the entry is for trust money paid by electronic funds transfer, including through a bill payment platform—the unique transaction reference for the payment;

(2)Section 20(2)(fa) to (h)—
renumber as section 20(2)(g) to (i).