Western Australian Current Acts Western Australian Current Acts (1) Where money is
received by a dealer from the sale of a vehicle under a consignment agreement,
the dealer shall pay all of the money into a trust account not later than the
next day after the day of receipt on which the relevant financial institution
is open for business.
Penalty: $5 000.
(2) Where the
consideration or any part of the consideration received by a dealer from the
sale of a vehicle under a consignment agreement is represented by another
vehicle or other thing (the trade-in ), the dealer shall pay an amount of
money equivalent to the value of that trade-in into a trust account not later
than the next day after the day of receipt on which the relevant financial
institution is open for business.
Penalty: $5 000.
(3) For the purposes
of subsection (2) the value of a trade-in is —
(a)
where the trade-in represents part of the consideration for the sale of a
vehicle under consignment, the value ascribed to the trade-in for the purposes
of the sale by the parties to the sale or, if no agreed value is so ascribed,
the market value of the trade-in at the time of the sale; or
(b)
where the trade-in represents all of the consideration for the sale of a
vehicle under consignment, the value ascribed to the trade-in for the purposes
of the sale by the parties to the sale or, if no agreed value is so ascribed,
the market value of the trade-in at the time of the sale, less any amount
paid, or to be paid, by the dealer to the purchaser of the consigned vehicle
in connection with the sale.
(4) A dealer shall not
pay money into a trust account other than money received from the sale of
vehicles under consignment agreements or money referred to in subsection (2).
Penalty: $5 000.
[Section 32D inserted: No. 4 of 2002 s. 57.]