Agents Financial Administration Bill 2013 (Qld)

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Queensland

Agents Financial Administration Bill 2014

Includes amendments agreed during Consideration

Queensland

Agents Financial Administration Bill 2014

Contents

Part 1 Division 1

a RON =

Division 2 Division 3 Part 2 Division 11214 Division 21618 Page Preliminary Introduction Short title 2.0... eee eee 10 Commencement... .......... 0.0 cece eee eee 10 Act binds all persons ........ 0.5.0.0 e cece ee eee 10 Exemption—public officials... ........... 0.000.000 eee eee 10 Relationship with Fair Trading Inspectors Act 2014........... 11 Object Main object. ...... 2.0.0.0... eee eee 11 Interpretation Definitions... 0.0... 0... eee 12 Meaning of agent ......... 0.0... eee 12 Trust accounts Opening and keeping trust accounts Who may open trust account....................0.0.000. 12 Application and grant of authority to open a trust account—collection agents ......................000000. 12 Requirements for opening and keeping trust accounts ........ 14 Account's name ... 1... eee tees 15 Notice of account's opening, closing or name change......... 15 Agreements with financial institutions ..................00. 16 Payments to trust accounts Application of ss 16 and 17 ...... 2... eee eee ee 16 Dealing with amount on receipt .................2.0..00.0. 17 Investments—property agents.......................000. 17 No other payments to trust account..............0--000 00s 18

Multiple trust accounts not required...............-.00-005 18

Agents Financial Administration Bill 2014

Contents Division 3Division 4Division 5 Part 3 Division 1Division 2 Division 3 Part 4

Division 1Division 243

Page 2

Trust money not available to agent's creditors ............... Payments from trust accounts

When payments may be made from trust accounts........... Permitted drawings from trust accounts...................- Other trust account obligations