Source: http://www.legislation.nsw.gov.au/fullhtml/inforce/subordleg+665+2001+cd+0+Y
Timestamp: 2013-05-21 17:37:02
Document Index: 580405844

Matched Legal Cases: ['art 3', 'art 4', 'art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 1', 'art 2', 'arts 1', 'arts 1', 'art 5', 'art 1', 'art 2', 'art 1', 'art 1']

Conveyancers Licensing Regulation 2001
[2001-665]
Repealed version for 1 July 2003 to 14 December 2006 (accessed 22 May 2013 at 03:36).
Note:The Regulation was repealed by sec 168 (2) of the Conveyancers Licensing Act 2003 No
3 with effect from 15.12.2006.
5 Exemptions from requirement for professional indemnity
6 Application fee for licence
7 Notification of change in particulars
8 Surrender and replacement of licence
9 Register of licensees
10 Information to be included in the register
11 Removal of name from the register
Part 3 Conveyancing practice
12 Licensee’s stationery
13 Nature of conveyancing business
14 Attendance at business premises
15 Business names
Part 4 Trust money and controlled money
17 Keeping of records
18 Computer systems control
19 Money in transit
20 Statements of account
21 Receipt and withdrawal of money for costs and
Division 2 Trust accounts
22 Deposits
24 Payment of trust money by cheque or electronic funds
25 Daily receipt and payment transactions
27 Ledger
28 Ledger trial balance statement
30 Account in the name of a licensee
Division 3 Controlled money
31 Notice to client
32 Controlled Money Register
33 Controlled money ledger for money received
34 Listing of accounts
35 Payment of controlled money by cheque
36 Delegation under clause 29
Division 4 Registered company auditor’s
37 Registered company auditor’s report to be lodged
with Director-General
38 Check list to be provided
39 Duties regarding check list
40 Adverse or qualified reports
41 Cessation of practice or change of partnership
42 Information to be provided to Director-General
43 Suspicion of irregularities or dishonesty concerning trust
money or controlled money
Part 1 Preliminary1 Name of RegulationThis Regulation is the Conveyancers Licensing Regulation
2001.2 CommencementThis Regulation commences on 1 September 2001.Note. This Regulation replaces the Conveyancers Licensing Regulation 1993
which is repealed on 1 September 2001 under section 10 (2) of the Subordinate Legislation Act
1989.3 Definitions(1) In this Regulation:registered company
auditor has the same meaning as in the Corporations Act 2001 of the
Commonwealth.the Act means
the Conveyancers Licensing Act
1995.(2) In this Regulation, a reference to a Form is a reference to a Form
this Regulation do not form part of this Regulation.Part 2 LicensingDivision 1 Exemptions5 Exemptions from requirement for professional indemnity
insuranceA person is exempt from the requirement for professional indemnity
insurance (as referred to in section 7 (1) (e) of the Act) if the person
carries out conveyancing work only in the capacity of an employee of a
solicitor:(a) who is the holder of a practising certificate under the Legal Profession Act 1987 or a
current interstate practising certificate within the meaning of section 48N of
(b) in respect of whom there is in force an approved insurance policy
under section 41 of that Act or appropriate indemnity insurance within the
meaning of section 48U (4) of that Act.
Division 2 Licences6 Application fee for licence(1) The application fee to accompany an application under section 9 of
the Act for a licence of 12 months duration is
$204.(2) The application fee to accompany an application under section 9 of
the Act for a licence of less than 12 months duration is a proportionate
amount of $204, calculated on a monthly basis with part of a month being
treated as a whole month.(3) The proportion prescribed for the purposes of section 9 (6) of the
Act (being the proportion of the application fees received under that section
that is required to be paid to the trustees of the Public Purpose Fund under
1987) is 25%.7 Notification of change in particulars(1) A licensee must notify the Director-General, in writing, of any
change in the particulars relating to the licensee as disclosed in the
licensee’s last application for a licence within 21 days after the event
effecting the change.(2) The notification must include such particulars as the
Director-General may require of any change or dissolution of partnership, the
formation of a new partnership or the acquisition of the conveyancing business
of another licensee.8 Surrender and replacement of licence(1) The Director-General may accept from a licensee the surrender of a
licence and an application for a new licence and may issue a new licence for
the balance of the term of the surrendered licence.Note. Section 9 of the Act makes provision with respect to an
application for a licence.(2) The Director-General may refund such part of the fee paid in
respect of the surrendered licence as the Director-General may determine if
the Director-General is of the opinion that a refund should be
made.9 Register of licenseesFor the purposes of section 87 (2) of the Act, the prescribed fee
for inspection of the register of licensees is $24.10 Information to be included in the registerThe Director-General is to include in the register such of the
information furnished by licensees in their applications for licences as the
Director-General considers appropriate.11 Removal of name from the register(1) The Director-General is to remove a licensee’s name from the
register if the Director-General is requested, in writing, to do so by the
licensee and the licensee surrenders his or her licence for
cancellation.(2) The Director-General may refund such part of the fee paid in
made.Part 3 Conveyancing practice12 Licensee’s stationery(1) A licensee must show on the letterhead of the conveyancing
business:(a) the name of each licensed conveyancer who is a proprietor of the
conveyancing business, and
(b) the address at which the conveyancing business is conducted,
(c) the words “licensed conveyancers” or “licensed
property conveyancers” (or, if the licensee is practising on his or her
own account, “licensed conveyancer” or “licensed property
conveyancer”).
(2) The Director-General may, subject to such conditions (if any) as
the Director-General may determine, excuse a licensee from complying with
subclause (1).(3) A licensee may show on the licensee’s stationery or that of
the licensee’s firm, under appropriate designations, the names
of:(a) licensees employed by the firm, and
(b) any conveyancing business or businesses to which the licensee or
the licensee’s business has succeeded.
(4) A licensee may show on the licensee’s stationery or that of
the licensee’s firm such other information as the Director-General may
from time to time approve, either generally or in relation to a particular
licensee or firm.13 Nature of conveyancing businessA licensee must not falsely represent, or permit any other person
to falsely represent, that another person is a partner of the
licensee.14 Attendance at business premisesA licensee must not permit conveyancing work to be carried out at
any premises at which the licensee conducts a conveyancing business unless the
licensee, or some other licensee, gives reasonable attendance at those
premises.15 Business names(1) A licensee must not conduct a conveyancing business under a
business name that is not approved by the
Director-General.(2) The Director-General is not to approve a proposed business name
a conveyancing business.Part 4 Trust money and controlled moneyDivision 1 General16 Definitions(1) In this Part:associate, in relation to
a licensee, has the same meaning as it has in Part 5 of the
Act.computer control
records means the records required to be kept under clause
18.controlled money
has the same meaning as it has in the Dictionary at the end of the
Act.controlled money
records means a Controlled Money Register maintained under clause
32, a controlled money ledger maintained under clause 33, a listing of
accounts under clause 34 and any passbooks, statements or other documents
relating to controlled money.outline
bill means a statement in writing sufficient to identify the general
nature of conveyancing work or services, whether performed or to be performed,
and the amount and purpose of any disbursement.trust
money has the same meaning as it has in the Dictionary at the end of
the Act.trust
records includes records of the following:(a) receipts,
(b) bank, building society or credit union
(c) cheques,
(d) withdrawals by electronic funds transfer,
(e) bank, building society or credit union
(f) daily receipt and cheque transactions,
(g) ledger account journal transfers and
(h) ledger transactions,
(i) ledger trial balance statements,
(j) monthly reconciliations.
form means any record of information by means of which the
information can be produced on demand in permanent legible form in the English
language.(2) A reference in this Part to money received, in relation to a
licensee, has the same meaning as it has in the Dictionary at the end of the
Act.(3) A reference in this Part to an account or deposit of controlled
money includes a reference to:(a) an account established in respect of controlled money at a bank,
building society, credit union or other financial institution,
(b) an interest bearing deposit or other deposit of controlled
17 Keeping of records(1) A licensee must maintain, or cause to be maintained, in visible
form at an office at which the licensee’s conveyancing business is
conducted and of which the Director-General has been notified:(a) trust records and controlled money records,
(b) if those records are maintained by means of a computer
system—computer control records.
(2) A licensee may, at any other office at which the licensee’s
conveyancing business is conducted and of which the Director-General has been
notified, maintain, or cause to be maintained, for that office in visible form
separate records of the kind referred to in subclause
(1).(3) A licensee who maintains records under subclause (2) must, within
21 days after the end of each named month:(a) compile with the records kept under subclause (1) the original (or
a copy certified by the licensee to be a true copy) of each trial balance
statement prepared by the licensee in accordance with clauses 28 and 34 for
that month, and
(b) maintain a monthly summary of the total of trust money and
controlled money disclosed in the trial balance
(4) A licensee who has custody of a record, statement or summary
referred to in subclause (1), (2) or (3) must retain it for not less than 6
years after it is made.18 Computer systems control(1) Without limiting the generality of any other provision of this
Part, if a licensee maintains trust records or controlled money records by
means of a computer system, the licensee must comply with this clause in
relation to the records.(2) The licensee must maintain a record, compiled in chronological
sequence, of all changes (by creation, amendment or deletion) to any of the
following information:(a) client name,
(b) client address,
(c) matter number,
(d) matter description,
(e) client number,
(f) bank account number,
(g) details referred to in clause 33 (2), (3), (4) and
disclosing the details of the information before and after the
change.(3) The licensee must ensure in respect of any journal:(a) that entries balance before entries are made to the ledger,
(b) that any journal reference numbers are allocated in sequence under
(4) The licensee must ensure in respect of any ledger that no program
is capable of accepting the entry of a transaction resulting in a debit
balance to an account unless a contemporaneous record of the transaction is
made in such a manner as to enable the production in visible form, of a
separate chronological report of all such
occurrences.(5) The licensee must ensure in respect of any ledger that no program
enables the deletion of an account unless:(a) the balance of the account is zero, and
(b) details of the account when deleted are retained in visible
(6) The licensee must ensure that any entry in a record produced in
visible form appears in chronological sequence.(7) The licensee must ensure that a report, or each page or entry in a
report, is numbered sequentially under program control in a manner which
enables the completeness of the records required to be kept by this Part to be
conveniently verified.(8) The licensee must ensure that no amendment to the particulars of a
transaction already recorded can be made otherwise than by a separate
transaction effecting the amendment.(9) The licensee must ensure that each program requires input in each
field of a data entry screen intended to receive information required by this
Part to be included in trust records or controlled money
records.(10) The licensee must ensure:(a) that a back-up copy of all records to which this clause refers is
made not less frequently than once each month, and
(b) that the most recent back-up copy is kept in a separate location
such that any incident which could adversely affect the records would not also
affect the back-up copy.
19 Money in transit(1) A licensee who is authorised or instructed by another person, from
whom or on whose behalf the licensee has received money, to pay or deliver the
money to a third party (not an associate of the licensee) free of the
licensee’s control must comply with subclause
(2).(2) The licensee complies with this subclause if the money is paid or
delivered:(a) before the end of the next banking day or, if that is not
practicable, as soon as practicable after the next banking day,
(b) no later than the day allowed by the licensee’s authority or
instructions if it is a day that is later than the day allowed under paragraph
20 Statements of account(1) A licensee who is required to maintain a trust ledger or a
controlled money ledger must furnish to each person for whom, or on whose
behalf, money is held or controlled by the licensee, a separate statement of
account in respect of each ledger account maintained for the
person.(2) A statement of account must be furnished under subclause (1) as
soon as practicable after each of the following:(a) the licensee receives a written request for the
(b) completion of the matter to which the ledger account
(c) the closure and removal of the account from the relevant
(d) except as provided by subclause (4)—31 March and 30
(3) The statement of account must contain particulars of:(a) the money received and held or controlled by the licensee for or
on behalf of the person in the course of the licensee’s conveyancing
(b) the disbursement of the money, and
(c) the remaining balance of the money,
and must identify the transactions to which the particulars
relate.(4) A licensee is not required to furnish a statement of account under
subclause (2) (d) if, at the relevant day:(a) the account has been open for less than 6 months,
(b) the balance of the account is zero and no transaction affecting
the account has taken place within the last preceding 6 months,
(c) a statement of account has been furnished within the last
preceding 6 months and there has been no subsequent transaction affecting the
account, or
(d) the licensee has received a notice under subclause (4) waiving
compliance with the requirement and has not received notice of revocation of
(5) A person for whom, or on whose behalf, money is held or controlled
by a licensee:(a) may, by written notice to the licensee in accordance with Form 1,
waive compliance by the licensee with the requirements of subclause (2) (d),
(b) may, by written notice to the licensee, revoke the
(6) A licensee must retain a copy of a statement of account with the
file to which it relates.21 Receipt and withdrawal of money for costs and
disbursements(1) This clause prescribes the procedure to be followed as referred to
in section 25 (3) (a) of the Act.(2) A licensee must, on receipt, or as soon as practicable after
receipt, of money from which the licensee is authorised to withdraw money for
costs or disbursements, deliver to the client an outline in writing of the
anticipated costs or disbursements that are likely to arise and to be deducted
from trust or controlled money (an outline of
deductions) unless a bill or account of the costs or disbursements
has been delivered to the client before receipt of the money by the
licensee.(3) A licensee must not withdraw trust money or controlled money for
any costs or disbursements unless:(a) the person for whom the money is held has authorised the
withdrawal and the licensee has delivered to the person an outline of
deductions, or
(b) the licensee has delivered to the person an outline of deductions
together with written notice that, unless the person objects, the licensee
intends to withdraw the money and apply it towards payment of the bill at the
expiration of 1 month, and the month has expired without any objection being
(c) the licensee, having received from the person an objection to an
outline of deductions delivered under paragraph (b), has served on the person
a bill of costs, or an account, in a form which would enable it to be assessed
under the provisions of an applicable Act, rule or regulation and the person
has not, within the time limited by the provisions, applied for assessment of
the bill or account.
Division 2 Trust accounts22 Deposits(1) A licensee who receives trust money must pay it into his or her
trust bank account:(a) before the end of the next banking day after the day of its
receipt, if that is practicable, or
(b) if that is not practicable, as soon as practicable after that
(2) A licensee who makes a deposit to his or her trust bank account
must ensure:(a) that a bank deposit record is produced to the bank at the time the
deposit is made, and
(b) that the particulars referred to in subclause (3) are then entered
(3) A bank deposit record must include provision for the entry of
particulars of:(a) the date of the deposit, and
(b) the amount of the deposit, and
(c) whether the deposit consists of cheques, notes or coins,
(d) in the case of cheques, the name of the drawer, bank and branch
and the amount of each cheque.
(4) A bank deposit record is not required in the case of money
credited directly to a bank account electronically.23 Receipts(1) A licensee must, as soon as practicable after receipt of trust
money (not being a transfer by journal entry), make out, or cause to be made
out, a receipt that complies with subclause (2).(2) Receipts must be in duplicate, must be machine numbered in series,
must contain the name of the licensee’s conveyancing business and the
expression “Trust Account” or “Trust A/c” and must
include provision for, and on being made out must include:(a) the date of receipt, and
(b) the amount of money received and the form in which it is received,
(c) the name of the person from whom, and of the client on whose
behalf, the money is received, and
(d) details identifying the ledger account to be credited,
(e) particulars sufficient to identify the purpose for which the money
(3) If the licensee maintains an accounting system which (at the same
time as that at which, and in the same operation as that in which, a receipt
is made out) causes the particulars required by subclause (2) to be entered in
the cash book required to be kept under clause 25, the entry of the
particulars in the cash book is a sufficient compliance with the requirement
of subclause (2) for a duplicate receipt.(4) A licensee must issue the original of a receipt on demand or, if
the original is not issued, must retain it for 6 years after it is made
out.24 Payment of trust money by cheque or electronic funds
transfer(1) Trust money must not be drawn from a licensee’s trust bank
account otherwise than by cheque or electronic funds
transfer.(2) A cheque must:(a) be machine numbered in series, and
(b) be crossed, and
(c) not be payable to cash, and
(d) contain the name of the licensee’s firm and the expression
“Trust Account” or “Trust A/c”,
(e) be signed by the licensee, a partner of the licensee or 2 persons
authorised under clause 29 to sign the cheque.
(3) The licensee must ensure that, for each cheque, a record is kept
of:(a) details identifying the ledger account to be debited and the name
of the client on whose behalf the cheque is drawn, and
(b) brief particulars of the subject-matter and purpose for which the
cheque is drawn, and
(c) particulars of the date of issue, the payee and the
(4) If the licensee maintains an accounting system which (at the same
time as that at which, and in the same operation as that in which, a cheque is
drawn) causes the particulars required by subclause (3) to be entered directly
in the cash book required to be kept under clause 25, the entry of the
particulars in the cash book is a sufficient compliance with subclause
(3).(5) An electronic funds transfer is to be effected by, or under the
direction or with the authority of:(a) the licensee, or
(b) a partner of the licensee, or
(c) 2 persons authorised under clause 29 to effect an electronic funds
transfer from the trust account concerned.
(6) The licensee must ensure that, for each electronic funds transfer,
a record is kept of the following particulars:(a) the name of the person effecting the transfer and, if the transfer
is effected under the direction or with the authority of some other person, of
the person under whose direction or with whose authority the transfer is
(b) details identifying the ledger account debited and the name of the
person on whose behalf the amount is transferred,
(c) brief particulars of the subject-matter and purpose for which the
money is transferred,
(d) the reference number or other means of identification of the
(e) the name or style of the bank account to which the money is
transferred, its number and the identifying numbers of the receiving bank and
(f) the date of the transfer and the amount
25 Daily receipt and payment transactions(1) A licensee must keep a record of daily receipt and payment
transactions.(2) The record must be in the nature of a cash book the pages of which
are consecutively numbered and on the respective pages of which are shown the
consecutive numbers of receipts issued or cheques drawn or, in the case of
money received or disbursed by means of electronic funds transfer, the
reference number or other means of identification of the
transfer.(3) The licensee must:(a) in respect of a receipt of money—enter in the cash book the
particulars required by clause 23 (2) to be entered in a receipt for the money
together with the date of deposit of the money to the trust bank account and
the amount of the deposit, and
(b) in respect of a payment of money—enter in the cash book the
particulars required by clause 24 (3) to be recorded for a cheque or required
by clause 24 (6) to be recorded for an electronic funds
(4) At the end of each named month, the licensee must balance the cash
book and:(a) carry forward the balance to the commencement of the next month,
(b) carry forward the balance to a ledger account provided for the
(5) The licensee must, at the end of each named month, prepare a
statement reconciling the balance of his or her trust bank account with the
balance of the related cash book.26 Journal(1) A licensee must record in a journal all transfers between accounts
in a ledger that are not effected by cheque.(2) The recording must include:(a) the date of the transfer, and
(b) the amount transferred to and from each ledger account,
(c) the names of all ledger accounts to be debited or credited,
(d) the relevant reference number or other identification,
(e) sufficient particulars to identify the transfer and the reason for
27 Ledger(1) A licensee must maintain a separate ledger account for each matter
for each client in respect of trust money.(2) The ledger account must include the name of the client, a
reference number or other identification and particulars of each transaction
affecting trust money in relation to the matter, including:(a) the date of the transaction, and
(c) sufficient particulars to identify the trust record originating
(d) the amount of the transaction, and
(e) the current balance of account after the
28 Ledger trial balance statement(1) A licensee must, within 21 days after the end of each named month,
prepare a trial balance statement of all ledger accounts effective as at the
end of that month.(2) The trial balance statement must:(a) state the month to which it refers and the date of its
(b) list each ledger account that does not have a zero balance at the
end of that month by stating the name of the client, the reference number or
other identification and the balance of the account at the end of that month,
(c) show the total of the ledger account balances at the end of that
(d) show a comparison between that total and the balance in the cash
book reconciled with the balance in the trust bank account as required by
clause 25 (5).
29 Delegation(1) A licensee may delegate his or her authority to sign a cheque
drawn on, or to effect an electronic funds transfer from, the trust bank
account maintained by the licensee or his or her conveyancing business under
section 25 of the Act:(a) if the licensee is practising on his or her own account or there
is no partner of the licensee available to sign the cheque or effect the
transfer with due expedition, and
(b) if subclause (2) is complied with, and
(c) if the Director-General is immediately notified of the
(2) The delegation must be in writing signed by the licensee and must
be to any 2 of the following persons:(a) a licensee,
(b) a registered company auditor,
(c) a bank manager,
(d) any other person approved or nominated by the
(3) A delegation does not authorise the signing of a cheque or the
effecting of an electronic funds transfer unless:(a) the delegator is unable to sign the cheque or effect the transfer
with due expedition because of his or her illness, injury or absence for good
(b) the cheque is signed or the transfer is effected by 2
(4) A delegation ceases to have effect if the Director-General
notifies the delegate that the delegation has been cancelled by the
Director-General.(5) A notification of such a cancellation of a delegation may be given
by the Director-General at any time and with or without notice to the
delegator.30 Account in the name of a licensee(1) A licensee may maintain in his or her trust ledger an account in
his or her name:(a) for the purpose of aggregating in the account, by transfer from
other accounts in the trust ledger, money properly due to the licensee for
costs and disbursements, and
(b) in respect of money in which the licensee has a personal and
beneficial interest as a vendor, purchaser, mortgagor, mortgagee, lessor,
lessee or other like capacity.
(2) A licensee must withdraw money held in an account under subclause
(1) (a) not later than 7 days after the day on which the money is transferred
to the account.(3) A licensee must withdraw money held in an account under subclause
(1) (b):(a) at the conclusion of any matter to which the money relates,
(b) if it comprises rent, interest, instalments of principal or other
periodic payment—not later than 6 months after the date on which the
money was credited to the account.
Division 3 Controlled money31 Notice to client(1) A licensee must, as soon as practicable after receiving controlled
money, issue to the client on whose behalf it was received, a notice that is
in or to the effect of Part 1 of Form 2 and contains the particulars required
to complete the Form.(2) If the licensee, as authorised or instructed by the client, pays
any controlled money to a third party while continuing to control the money
directly or through an associate, the licensee must, as soon as practicable
after the payment, complete in duplicate, and issue to the client the original
of, a notice that is in or to the effect of Part 2 of Form 2 and contains the
particulars required to complete the Form.(3) A notice under subclause (2) must, if practicable, be included as
part of the notice under subclause (1).(4) If:(a) a licensee pays controlled money to a third party as referred to
(b) while the licensee continues to control the money directly or
through an associate, a change occurs in the arrangements under which the
money is held or deposited,
the licensee must, as soon as practicable after the change, complete in
duplicate, and issue to the client the original of, a notice in or to the
effect of Form 2 containing such of the particulars specified in Parts 1 and 2
of that Form as are applicable.(5) Forms of notice kept by a licensee for issue under this
clause:(a) must comprise both Parts 1 and 2 of Form 2,
(b) must be in duplicate, and
(c) must be machine numbered in series.
(6) A licensee need not issue to a client a notice under subclause (1)
or (2) in respect of money received by way of interest or for deposit,
if:(a) the money is, as soon as practicable, credited to, or deposited
in, an account for which an initial notice has been issued and for which a
ledger account has been opened, and
(b) the particulars of the money received are recorded in the ledger
account as soon as practicable.
32 Controlled Money RegisterA licensee must maintain a Controlled Money Register comprising a
compilation in numerical sequence of the duplicate copies of the notices
issued under clause 31.33 Controlled money ledger for money received(1) A licensee must, for each client and in accordance with this
clause, open and maintain a separate ledger account for each account or
deposit of controlled money received on behalf of, or held for, the
client.(2) The ledger account must bear the name of the client and any
relevant reference number or other identification.(3) If the controlled money received is a specific sum, the initial
entry to the ledger account must record:(a) the amount of money, its source and the date of receipt,
(b) the date and amount of any payment or deposit from the money to or
with a third party, the identity of the third party and the terms on which the
money was so paid or deposited.
(4) The entry made under subclause (3) (b) must include particulars
of:(a) the term and duration of the deposit, and
(b) the rate of interest, and
(c) the date from which the interest is calculated and the dates on
which interest is payable, and
(d) a description of the security (if any) held for the
(5) If controlled money is comprised in one or more accounts or
deposits in respect of which a licensee or an associate has a power or
authority exercisable independently of the licensee’s client, or jointly
and severally with the client or a nominee of the client, the initial entry to
the ledger account must record particulars of the nature, description and date
of the power or authority and particulars of the accounts or deposits
including:(a) the name and address of the person holding each account or
deposit, and
(b) the name in which each account or deposit is maintained and any
relevant identifying number, and
(c) if applicable, the particulars required by subclause
(6) All transactions affecting the receipt or disbursement of
controlled money by the licensee or an associate must be recorded in the
ledger by the entry in the relevant account of:(a) the date of each transaction, and
(b) a description of each transaction, and
(c) a reference to the source of each transaction,
(d) the amount of each transaction, and
(e) if it is ascertainable from the licensee’s records, the
(7) If controlled money is deposited with a person who issues to the
licensee a document of record or passbook which remains in the possession of
the licensee and in which are recorded all transactions affecting the money in
a manner which, together with other written records of the licensee, shows the
required particulars of the transactions, those documents collectively may
constitute a ledger account for the purposes of this
clause.34 Listing of accounts(1) A licensee must, within 21 days after the end of each named month,
prepare a statement in the nature of a trial balance statement that relates to
the ledger accounts required to be maintained under clause 33 and is effective
as at the end of that month.(2) The statement must:(a) state the period to which it refers and the date of preparation,
(b) list each ledger account by name of client and reference number or
other identification and by balance of account at the end of the month if that
is indicated in the account.
(3) If controlled money is deposited with a person who issues
periodical statements of account, those statements must be maintained with the
trial balance statements prepared for the periods to which they relate and
they form part of the licensee’s controlled money
records.35 Payment of controlled money by chequeControlled money must not be withdrawn or received from any
account in which it is held or deposited otherwise than by cheque or
electronic funds transfer.36 Delegation under clause 29Clause 29 applies in relation to an account in which controlled
money is held or deposited by a licensee in the same way as it applies in
relation to a trust bank account maintained by the
licensee.Division 4 Registered company auditor’s
report37 Registered company auditor’s report to be lodged
with Director-General(1) If a licensee received money referred to in section 25 (1) of the
Act at any time during the year ending on 31 March that last preceded an
application by the licensee for the issue or renewal of a licence, the
licensee must ensure that, on or before the making of the application, there
is lodged with the Director-General a registered company auditor’s
report in respect of:(a) each conveyancing business at any time during that year conducted
by the licensee as a sole practitioner, and
(b) each business of which the licensee was a partner at any time
(2) The registered company auditor’s report must be in or to the
effect of Form 3.(3) If the Director-General so requires, a licensee must:(a) obtain, and pay for, another report that complies with subclause
(b) immediately on its receipt, lodge the report with the
(4) The Director-General may require the report under subclause (3) to
be made by a registered company auditor nominated by the
Director-General.(5) It is a sufficient compliance with this clause by a licensee
practising in partnership if one registered company auditor’s report is
lodged for the partnership.38 Check list to be providedThe registered company auditor who makes a report under clause 37
must, at the time of making the report, complete and leave in the custody of
the licensee a check list in a form approved by the
Director-General.39 Duties regarding check listA licensee must:(a) retain a completed check list provided under clause 38 with his or
her trust account records and controlled money records for the same period of
time as those records are required to be retained, and
(b) permit a trust account inspector appointed by the Director-General
to inspect the check list at any time.
40 Adverse or qualified reportsA registered company auditor who makes an adverse or qualified
report under clause 37 must, within 7 days after completing the report,
forward a copy to the Director-General.41 Cessation of practice or change of partnership(1) This clause applies to a licensee who:(a) ceases to practise as a licensee, or
(b) enters into partnership with another licensee,
(c) is a party to a dissolution or change of
(2) If a licensee to whom this clause applies:(a) ceases to operate a trust account and the trust account is not
continued, or
(b) ceases to hold or control controlled money and the controlled
money is not held or controlled by a former partner who is, or former partners
of the licensee who are, continuing to practise,
the licensee must, within 21 days after ceasing to operate the trust
account or to hold or control controlled money, lodge with the
Director-General a report by a registered company auditor that complies with
clause 37 in respect of all trust money and controlled money held or
controlled by the licensee on behalf of another
person.(3) The report must be lodged in addition to the notification of
change in the particulars of the conveyancing business to be provided to the
Director-General under clause 7.42 Information to be provided to Director-GeneralA licensee must, at such time as the Director-General determines,
furnish to the Director-General such information as the Director-General
requires with respect to:(a) the amount of trust money or controlled money held or controlled
by the licensee, and
(b) the accounts or institutions in which the money is held,
(c) the licensee’s records and books of account that relate to
money or controlled money(1) If a licensee has reasonable grounds for suspecting that another
licensee has dealt with trust money or controlled money in a manner that may
be dishonest or irregular, the licensee must, as soon as practicable, notify
the Director-General, in writing, of the name and address of the other
licensee and of the grounds on which the suspicion is
based.(2) The Director-General must cause the matter to be
investigated.Part 5 Miscellaneous44 SavingAny act, matter or thing that, immediately before the repeal of
the Conveyancers Licensing Regulation
1993, had effect under that Regulation continues to have
effect under this Regulation.Schedule 1 Forms(Clause 3 (2))Form 1 Waiver(Clause 20)(Conveyancers Licensing Act 1995)(Conveyancers Licensing Regulation
2001)ToLicensed Conveyancer,
(address)Re:I/We acknowledge that I/we have instructed you to hold or control
money on my/our behalf.I/We am/are aware that while you continue to hold or control
my/our money I/we am/are entitled to receive from you a periodical statement
of account in accordance with the provisions of clause 20 of the Conveyancers Licensing Regulation
2001, the terms of which are set out on, or attached to, this
form.I/We do not require you to furnish to me/us the periodical
statement of account provided for by clause 20 (2) (d) of the
Regulation.*This waiver continues until (specify date) unless revoked
earlier in writing.*This waiver continues until revoked in writing.Signature:Date:* Delete as appropriate.Form 2 Notice to client(Clause 31)(Conveyancers Licensing Act 1995)(Conveyancers Licensing Regulation
2001)Part 1(This notice is issued when a licensee acquires control of a
client’s money or deposits or invests money for a client and retains
control of the money.)1 Name and address of client:2 * [Where specific sum of money received](a) Amount of money received:
(b) When money received:
(c) From whom money received:
(d) How/where money is held by licensee:
* [Where licensee has power or authority over money in
client’s accounts/deposits](e) Names and numbers of accounts/deposits:
(f) Names and addresses of financial institutions or persons where or
with whom accounts or deposits are held:
(g) Date, registration particulars (if any) and nature of instrument
granting power or authority to licensee:
* Delete as appropriate.3 Licensee’s instructions received from:on:to deal with money received or held in accounts/deposits noted in
paragraph 2, as follows:Part 2Particulars as to the payment or investment of money referred to
in Part 1 of this notice (or in Part 1 of Notice No dated ).1 Name and address of client:2 Amount of money paid/invested:3 Date of payment/deposit:4 Name and address of person or institution holding the money paid
or deposited:5 Name and number of the account or deposit:6 *Terms on which money is deposited or invested:(a) term or maturity date of deposit:
(b) the rate of interest:
(c) date from which interest is computed:
(d) the deposit or investment is unsecured:
*The deposit or investment is secured and particulars of the
security are as shown in the attached epitome.(e) Special terms (if any).
* Delete as appropriate.Form 3 Registered company auditor’s
report(Clause 37)(Conveyancers Licensing Act 1995)(Conveyancers Licensing Regulation
2001)For the period toTo: The Director-General of the Department of Fair
Trading1 (a) Business Name:The name(s) of the licensee(s) who at any time during the period carried
on practice solely or in partnership under the above name and the period of
NamePeriod FromTo FromTo FromTo FromTo
(b) The Trust Records referred to in this report relate to *that/those
Bank Account(s) conducted under the above business name and described in
Schedule 1 to this report.
(c) The Controlled Money Records referred to in this report relate to
the accounts and money recorded in any controlled money ledger accounts closed
during the 12 months ended 31/3/20 and in any
ledger accounts current at that date.
2 The limited examination of the Trust Records and Controlled Money
Records conducted for the purpose of completing this Report does not
constitute an audit.3 In my opinion, based on appropriate examinations and sampling
techniques, throughout the period covered by the report and subject to the
qualifications (if any) noted below:(a) The accounting systems and internal controls used by the
licensee(s) to ensure that Trust Money has been properly accounted for
were:(i) *Appropriate/inappropriate for the business conducted,
(ii) *Operated/did not operate
(b) The methods and controls used by the licensee(s) to record the
receipt and disbursement of Controlled Money were:(i) *Appropriate/inappropriate for the business conducted,
(c) Trust Money and Controlled Money recorded as received, held
*and/or disbursed during the period *have/have not been accurately recorded in
the manner prescribed.
(d) The records prescribed for the recording of Trust Money and
Controlled Money *have/have not been maintained regularly and
4 I have completed and signed the Reporting Auditor’s Check
List in the form approved by the Director-General of the Department of Fair
Trading.5 Copies of the Summary of Breaches of Regulation and of the Summary
Review Memorandum concluding the Check List certified by me as true copies are
respectively Schedules 3 and 4 to this report.6 The qualifications referred to in paragraph 3, or my reasons for
reporting adversely in that paragraph, are set out in Schedule 4 to this
report. (Where qualifications are made or an adverse report is given, a
copy of this report is to be forwarded direct to the Director-General of the
Department of Fair Trading.) * Delete as appropriate.Signature:Date:Full name (Block letters):Certificate of Registration No:Firm Name (if any):Address:Phone No:Schedule 1Business Name:1 Trust Bank Account Number: Bank: Branch Address: Period from. to Reconciled Trial Balance total as at 31/3/20 : $ Number of Trust Ledger Accounts as at 31/3/20 :2* Trust Bank Account number: Bank: Branch Address: Period from to Reconciled Trial Balance total as at 31/3/20 : $ Number of Trust Ledger Accounts as at 31/3/20 :* Delete as appropriate/attach separate list if space is
insufficient.Schedule 2Business Name:Controlled moneyControlled Money Ledger1. Trial balance total as at 31/3/20 :
$2. Number of Ledger Accounts as at 31/3/20 : $Schedule 3Summary of breaches of
RegulationBusiness Name:Period Ended:
ChecklistItemReferenceRegulationDescription and Extent of
BreachAttach additional schedule if space is
insufficient.Schedule 4Summary review memorandumBusiness Name:Period Ended:This memorandum should document the Reporting Auditor’s
reasons for qualification/non-qualification of the Auditor’s Report or
reporting adversely after consideration of the matters noted on the Summary of
Breaches of Regulation Schedule.Signature:Date:Attach additional schedule if space is
insufficient.Historical notesThe following abbreviations are used in the Historical notes:
Am amended LW legislation website Sch Schedule Cl clause No number Schs Schedules Cll clauses p page Sec section Div Division pp pages Secs sections Divs Divisions Reg Regulation Subdiv Subdivision GG Government Gazette Regs Regulations Subdivs Subdivisions Ins inserted Rep repealed Subst substituted Table of amending instrumentsConveyancers
Licensing Regulation 2001 published in Gazette No 132 of
31.8.2001, p 6742 and amended as follows:Conveyancers Licensing Amendment (Fees)
Regulation 2002 (GG No 48 of 22.2.2002, p 964)Conveyancers Licensing Amendment (Fees)
Cl 6Am 27.6.2003.Cl 9Am 22.2.2002; 27.6.2003.