![]() ![]() ![]() Regulations for Trust AccountsĪ trust account is not a personal bank account and there are laws that apply to trust accounts to protect your money. Trust accounts may be set up for rental bonds, deposits on a property, holiday accommodation, upfront fees, retainers, etc. There are many reasons for a trust account to be established. These include real estate agents, motor dealers, letting agents, and auctioneers. The Office of Fair Trading also issues licences to other occupations to enable them to be trustees. In Queensland, when solicitors set up and operate a trust account they must report to the Queensland Law Society. A trustee can use the account for making and receiving payments. A trust account is a bank account where an individual or entity (trustee) is trusted to hold money on behalf of someone else. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
January 2023
Categories |