Agents Financial Administration Amendment Regulation 2021

1Short title

This regulation may be cited as the Agents Financial Administration Amendment Regulation 2021.

2Regulation amended

This regulation amends the Agents Financial Administration Regulation 2014.

3Insertion of new s 2A

After section 2—
insert—

2ADefinitions

In this regulation—

bill includes a rental bond.

bill payment platform means an electronic system for the transfer of funds that is used for the payment of a bill.

4Amendment of s 9 (Completed trust account receipt form to contain particular information)

(1)Section 9(1)(d), ‘signature.’—
omit, insert—

signature;

(2)Section 9(2), definition built date—
omit, insert—

built date see the Motor Dealers and Chattel Auctioneers Act 2014, schedule 1, section 3C.

5Amendment of s 14 (Payments by electronic funds transfer)

Section 14(2)(c)—
omit, insert—

(c)if the trust money is paid using a bill payment platform without stating an account number to which it is paid—

(i)the name of the person to whom the money is paid; and

(ii)the name of the bill payment platform; and

(iii)the unique transaction reference for the payment;

(d)if paragraph (c) does not apply—the account name and number to which the money is paid.

6Amendment of s 16 (Trust account cash book—trust money paid)

(1)Section 16(3)(c) to (e)—
omit, insert—

(c)if the trust money is paid using a bill payment platform without stating an account number to which it is paid—

(i)the name of the person to whom the money is paid; and

(ii)the name of the bill payment platform; and

(iii)the unique transaction reference for the payment;

(d)if paragraph (c) does not apply—

(i)the name of the holder of the account to which the money is paid; and

(ii)the identifying number of the financial institution and account number of the account to which the money is paid; and

(iii)the unique transaction reference for the payment;

(2)Section 16(3)(f) to (h)—
renumber as section 16(3)(e) to (g).

7Amendment of s 20 (Particulars to be included in ledger account)

(1)Section 20(2)(f)—
omit, insert—

(f)if the entry is for trust money paid by cheque—the cheque number;

(fa)if the entry is for trust money paid by electronic funds transfer, including through a bill payment platform—the unique transaction reference for the payment;

(2)Section 20(2)(fa) to (h)—
renumber as section 20(2)(g) to (i).