Victorian Numbered Regulations

ESTATE AGENTS (GENERAL, ACCOUNTS AND AUDIT) REGULATIONS 2018 (SR NO 48 OF 2018) - REG 11

An estate agent who holds trust money and who withdraws from trust money an amount in satisfaction of a claim for commission, fees, costs or disbursements that the agent has against the person on whose behalf the money is held or for the making of any other payment authorised by law must—

        (a)     before withdrawing the money, obtain the person's written authority to do so; and

        (b)     enter in the trust record details of the transaction and full and accurate particulars of the amount withdrawn.

Penalty:         20 penalty units.