A new property manager asks who keeps the interest earned on the agency's general trust account. What is the correct answer?
Correct Answer
B) The bank pays it to the Statutory Interest Account
Section 90 of the Property and Stock Agents Act 2002 requires each authorised deposit-taking institution to calculate interest on trust account balances each month and pay it to the Secretary for the Statutory Interest Account (the Property Services Statutory Interest Account). The institution must not deduct transaction charges, other than statutory charges, from those balances or the interest.
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