Victorian Numbered Regulations

ESTATE AGENTS (GENERAL, ACCOUNTS AND AUDIT) REGULATIONS 2018 (SR NO 48 OF 2018) - REG 12

    (1)     An estate agent must notify the agent's auditor and the Director within 3 business days of becoming aware of any deficiency in the agent's—

        (a)     trust account; or

        (b)     trust ledger account.

Penalty:         10 penalty units.

    (2)     The estate agent must include in the notification of the deficiency, details of—

        (a)     the date on which the deficiency occurred; and

        (b)     the amount; and

        (c)     the reason why the deficiency occurred; and

        (d)     full particulars of any action taken to restore the deficiency.

Penalty:     5 penalty units.

    (3)     Subregulation (1) does not apply if—

        (a)     the deficiency was caused solely by an error by an AFI or by inadvertence; and

        (b)     the deficiency is rectified within 2 business days of the estate agent becoming aware of the deficiency.

    (4)     A notification under subregulation (1) is not admissible as evidence in any proceedings under section 90(1) of the Act.