Trust account handbook - Department of Commerce - wa.gov.au

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32 Defalcation by a licensee Includes criminal or fraudulent conduct: a) of a licensee; b) of any one or more of the servants or agents of the licensee; c) of a person who is a partner in the business of the licensee; d) where the licensee is a firm and a body corporate is a partner in the firm or where the licensee is a body corporate, or any one or more of the directors, officers, servants, or agents of the body corporate; or e) in the course of the business of the licensee and from which pecuniary loss or loss of property to any other person. Licensee A natural person, firm or body corporate licensed under the Act. Person in bona fide control A licensed person in a settlement agency who is responsible for the administration of settlement transactions and the supervision of persons involved in those transactions. Sometimes described as agent in bona fide control or PCON. Real estate settlement agent Any person who arranges or effects the settlement of a real estate transaction for reward, or who, whether for reward or otherwise, carries on business arranging or effecting settlements of real estate transactions. Record A record of money under section 50(1)(b) of the Act. Register The register referred to in regulation 7(b) of the Regulations. Regulations The Settlement Agents Regulations 1982. Settlement The completion of a real estate transaction or a business transaction (as the case may be) by payment of the balance of the purchase price in respect of such real estate or business transaction. TC See triennial certificate. Abbreviation used in the titles of trust accounts followed by the certificate number of the agent. Transaction A real estate settlement transaction or a business settlement transaction. Triennial certificate A certificate granted under the Act to a licensee to carry on the business as a settlement agent. The triennial certificate is renewed every three years. Trust account An account relating to moneys received or held by a settlement agent for or on behalf of any other person in respect of settlements to be arranged or effected, or arranged or effected, by the settlement agent. Working day A day that is not a Saturday, Sunday or a public holiday. SETTLEMENT AGENTS’ TRUST ACCOUNT HANDBOOK
Department of Commerce Consumer Protection The Forrest Centre, 219 St Georges Terrace Perth, Western Australia 6000 (weekdays 8.30 am - 5.00 pm) Consumer Protection Advice Line: 1300 30 40 54 (for the cost of a local call statewide) Post: Locked Bag 14, Cloisters Square WA 6850 Administration: (08) 9282 0777 Facsimile: (08) 9282 0850 Email: consumer@commerce.wa.gov.au Website: www.commerce.wa.gov.au/consumerprotection National Relay Service 13 36 77 Quality of service feedback line: 1800 30 40 59 Translating and Interpreting Service: 13 14 50 (ask for a connection to 1300 30 40 54) REGIONAL OFFICES Goldfields/Esperance Suite 4/37 Brookman Street Kalgoorlie WA 6430 Administration: 9026 3250 Mid-West Shop 3, 50-52 Durlacher Street Geraldton WA 6530 Administration: 9920 9800 Great Southern Unit 2/129 Aberdeen Street South-West 8th Floor, 61 Victoria Street Albany WA 6330 Administration: 9842 8366 Kimberley Woody’s Arcade, Office 7/15 Dampier Terrace Broome WA 6725 Administration: 9191 8400 Bunbury WA 6230 Administration: 9722 2888 North-West Shop 40, Karratha Village Shopping Centre Sharpe Avenue, Karratha WA 6714 Administration: 9185 0900 DP099615/2/ November 13/ Online
Page 1 and 2: Government of Western Australia Dep
Page 3 and 4: Table of Contents Introduction.....
Page 5 and 6: Introduction The Settlement Agents
Page 7 and 8: 1.5 Types of trust accounts General
Page 9 and 10: 1.10 What trust documents and recor
Page 11 and 12: The following calculation can be us
Page 13 and 14: PART 2 TRUST DOCUMENTS AND RECORDS
Page 15 and 16: cross-referenced against the interi
Page 17 and 18: • amount received; and • the to
Page 19 and 20: 2.8 Buffer account Agents sometimes
Page 21 and 22: Regular monitoring of trust account
Page 23 and 24: Example: Trust account reconciliati
Page 25 and 26: 3.3 What are an agent’s responsib
Page 27 and 28: As well as advising Consumer Protec
Page 29 and 30: PART 4. PREVENTING THEFT AND FRAUD
Page 31 and 32: everse the transaction. Agents shou
Page 33: GLOSSARY Act (The) The Settlement A

Trust account handbook - Department of Commerce - wa.gov.au

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