(1)  In this section –

non-trust money means money that is not trust money for the purposes of this Act because of section 232 (Money involved in financial services or investments) or because of a determination under section 233 (Determinations about status of money).

(2)  When money entrusted to a law practice is or becomes non-trust money, the practice must, in accordance with this section and the regulations, notify the person who entrusted the money to the practice that –

(a) the money is not treated as trust money for the purposes of this Act and is not subject to any supervision, investigation or audit requirements of this Act; and

(b) a claim against the Guarantee Fund under this Act cannot be made in respect of the money.

Penalty:  Fine not exceeding 50 penalty units.

(3)  The notification must be given, in writing, to the person at the time –

(a) the money is entrusted to the law practice, if the money is non-trust money when it is entrusted to the practice; or

(b) the money becomes non-trust money, if the money was trust money when it was entrusted to the practice.

(4)  The regulations may make provision for or with respect to the form and manner in which notification required by this section is to be given and the contents of the notification.