Victorian Numbered Regulations Victorian Numbered Regulations(1) An estate agent must keep a trust ledger consisting of a separate identifiable account for—
(a) each person on behalf of whom the estate agent holds trust money; and
(b) each transaction pending the completion of which the estate agent holds trust money as a stakeholder or in trust.
Penalty: 5 penalty units.
(2) The following details must be included in the title of each trust ledger account—
(a) the name and address of the agent's principal;
(b) particulars sufficient to identify the purpose for which the money was received.
Penalty: 5 penalty units.
(3) An estate agent must ensure that the following particulars are recorded in the trust ledger account in respect of each receipt of trust money—
(a) the date the receipt is made out and, if different, the date of receipt of the money;
(b) the receipt number;
(c) the name of the person from whom the money was received;
(d) the purpose for which the money was received;
(e) the amount received.
Penalty: 10 penalty units.
(4) An estate agent must ensure that the following particulars are recorded in the trust ledger account in respect of each payment of trust money—
(a) the date of the cheque;
(b) the cheque number;
(c) the name of the person to whom the money was paid;
(d) the purpose of the receipt or payment;
(e) the amount paid.
Penalty: 10 penalty units.
(5) The following particulars must be recorded in the trust ledger account in respect of each payment of trust money made by electronic funds transfer—
(a) the date of the electronic funds transfer;
(b) the electronic funds transfer number;
(c) the name of the person to whom the money was paid;
(d) the name and number of the account, including the BSB number, to which the money was paid;
(e) the purpose of the payment;
(f) the amount paid.
Penalty: 10 penalty units.
(6) The following particulars must be recorded in the trust ledger account in respect of each transfer of money made by a journal entry—
(a) the date of the funds transfer;
(b) the transfer journal folio number;
(c) the name of the other trust ledger account from which or to which the money was transferred;
(d) the purpose of the transfer;
(e) the amount transferred.
Penalty: 10 penalty units.
(7) An estate agent must ensure that transactions relating to trust money are recorded in the trust ledger account in the order in which the transactions are made.
Penalty: 5 penalty units.
(8) The estate agent must ensure that a trust ledger account at all times shows a continuous running balance disclosing the amount of money held.
Penalty: 10 penalty units.