Land Agents Variation Regulations 2003 (SA)

South Australia

Land Agents Variation Regulations 2003

under the Land Agents Act 1994

Contents

Part 1—Preliminary

1. Short title

2. Commencement

3. Variation provisions

Part 2—Variation of Land Agents Regulations 1995

1. Variation of regulation 12—Payment of trust money

Part 1—Preliminary

1—Short title

These regulations may be cited as the Land Agents Variation Regulations 2003.

2—Commencement

These regulations come into operation on the day on which they are made.

3—Variation provisions

In these regulations, a provision under a heading referring to the variation of specified regulations varies the regulations so specified.

Part 2—Variation of Land Agents Regulations 1995

4—Variation of regulation 12—Payment of trust money

1. Regulation 12(2)—delete subregulation (2) and substitute:

   (2)When an agent makes a payment of trust money by cheque, the agent—

   (a)must ensure that the cheque is marked with the name of the agent and the words "Trust Account"; and

   (b)must—

   (i)cause the cheque to be crossed and endorsed "Not negotiable"; or

   (ii)obtain from the person receiving the cheque a receipt that complies with subregulation (3) and keep the receipt as part of the agent's records.

   Maximum penalty: $2 500.

   (2a)When an agent makes a payment of trust money by cheque, the agent must prepare and keep as part of the agent's records a cheque stub or voucher containing the following information:

   (a)the date and reference number of the cheque;

   (b)the name of the payee;

   (c)the client name or reference and brief particulars of the purpose of the payment;

   (d)the amount of the cheque.

2. Regulation 12(4), penalty provision—delete the penalty provision

Note—

As required by section 10AA(2) of the Subordinate Legislation Act 1978, the Minister has certified that, in the Minister's opinion, it is necessary or appropriate that these regulations come into operation as set out in these regulations.

Made by the Governor

with the advice and consent of the Executive Council

on 9 October 2003

No 202 of 2003

OCBA CS 001/03