Document ID: chunk:federal_register_of_legislation:C2024C00826:section:98
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 98
Character Range: 212699–213517

98  Obligation for credit service licensees to maintain trust account

Requirement to maintain trust account
 (1) The credit service licensee must maintain one more trust accounts (the trust account) in accordance with this section.
Civil penalty: 5,000 penalty units.

Requirements for trust accounts
 (2) The trust account must be maintained with an Australian ADI (within the meaning of section 9 of the Corporations Act 2001).
 (3) The trust account must be designated as the credit service licensee's trust account.

Offence
 (4) The credit service licensee commits an offence if:
 (a) the credit service licensee is subject to a requirement under subsection (1); and
 (b) the credit service licensee engages in conduct; and
 (c) the conduct contravenes the requirement.
Criminal penalty: 6 months imprisonment.