National Consumer Credit Protection Act 2009

CHAPTER 2 - LICENSING OF PERSONS WHO ENGAGE IN CREDIT ACTIVITIES  

PART 2-5 - FINANCIAL RECORDS, TRUST ACCOUNTS AND AUDIT REPORTS  

Division 3 - Trust accounts of credit service licensees  

SECTION 99   OBLIGATIONS IN RELATION TO TRUST ACCOUNT MONEY  
Requirement to pay money to credit of trust account

99(1)    

The credit service licensee must pay to the credit of the trust account any money received by the credit service licensee on behalf of another person in relation to the credit service provided by the licensee.

Civil penalty: 5,000 penalty units.

Requirement in relation to withdrawal of money from trust account

99(2)    

The credit service licensee must not withdraw any money paid into the trust account, other than for the purpose of paying the money in accordance with subsection (3).

Civil penalty: 5,000 penalty units.

Requirement in relation to payment of money from trust account

99(3)    

The credit service licensee must pay any money withdrawn from the trust account to the person or persons lawfully entitled to receive that money.

Civil penalty: 5,000 penalty units.

Offence

99(4)    

The credit service licensee commits an offence if:

(a) the credit service licensee is subject to a requirement under subsection (1), (2) or (3); and

(b) the credit service licensee engages in conduct; and

(c) the conduct contravenes the requirement.

Criminal penalty: 6 months imprisonment.

Trust account money not available for payment of debts etc.

99(5)    
Money paid into a trust account by the credit service licensee under this section:

(a) is not available for the payment of a debt of any other creditor of the credit service licensee; and

(b) is not liable to be attached or taken in execution under the order or process of a court at the instance of any such creditors.