Victorian Numbered Regulations Victorian Numbered Regulations(1) This section applies to an estate agent who under section 63(3) of the Act proposes to use a record for the receipt of trust money which does not involve the agent keeping a duplicate copy of the receipt.
(2) An estate agent must apply in writing to the Director for approval to use an alternative record for the receipt of trust money as set out in the application.
(3) Within 28 days of receiving an application for approval under subregulation (2), the Director must notify the estate agent in writing whether or not the application is approved, and whether or not the approval, if any, is given with or without variation.
(4) An approval applies only to the estate agent who applied for and received the approval.
(5) If the Director becomes dissatisfied with an approved record, the Director may give to the estate agent a written notice—
(a) stating that the approval is revoked; or
(b) requiring the estate agent to make specified variations to the approved record within 28 days of the notice being given.
(6) If a notice is given under subregulation (5)(a), the approval ceases 28 days after the notice is given.
(7) If a notice is given under subregulation (5)(b) and the variations are not made, then the approval ceases 28 days after the notice is given.
(8) The Director may at any time require an estate agent to obtain and give to the Director a report from the agent's auditor about whether the form of record being used complies with the record approved by the Director and the agent must provide a report if required to do so.
Penalty: 5 penalty units.