Queensland Consolidated Acts

DEBT COLLECTORS (FIELD AGENTS AND COLLECTION AGENTS) ACT 2014 - SECT 111

111 Opening and keeping trust accounts

(1) A principal field agent must open and keep a trust account under the Administration Act if an amount is likely to be received by the agent for a transaction, or with written direction for its use, when performing a regulated activity.

Penalty—

Maximum penalty—200 penalty units or 2 years imprisonment.

(2) A principal collection agent must open and keep a trust account under the Administration Act if an amount is likely to be received by the agent for a transaction, or with written direction for its use, when performing a debt collection activity.

Penalty—

Maximum penalty—200 penalty units or 2 years imprisonment.

(3) In this section—

"amount" does not include an amount payable to a field agent or collection agent for a transaction in refund of an expense the agent was authorised to incur and did incur and for which the agent holds a receipt.

"principal collection agent" means a collection agent who carries on a regulated business on the agent’s own behalf.