Victorian Numbered Regulations Victorian Numbered Regulations(1) An estate agent must ensure that the estate agent's trust receipts are issued in the numerical sequence of the series to which they belong.
Penalty: 5 penalty units.
(2) An estate agent must record the following particulars on each trust receipt—
(a) the name under which the estate agent carries on business as an estate agent;
(b) the number of the receipt;
(c) the date the receipt is made out and, if different, the date on which the trust money is received;
(d) the amount of the money received;
(e) the form in which the money was received including in cash or by cheque or by electronic funds transfer or otherwise;
(f) the name of the person from whom the money was received;
(g) the name and reference number or other identification of the person on whose behalf the money was received;
(h) particulars sufficient to identify the purpose for which the money was received;
(i) the name of the person who made out the receipt.
Penalty: 10 penalty units.
(3) An electronic record of a payment received by an estate agent must record the particulars set out in subregulation (2)(b) to (i) and must be in the form of an entry in the estate agent's trust account cash receipts journal.
Penalty: 10 penalty units.
(4) Where an estate agent is required under section 63(3) of the Act to give a receipt for a payment received and the receipt is cancelled or not delivered, the estate agent must retain the original receipt.
Penalty: 5 penalty units.
Note
Under section 63(4), estate agents are not required to give receipts for certain payments by cheque or electronic funds transfer where an electronic record of the payment is made as soon as practicable after the payment is received. In these cases, regulation 14(4) does not apply.