A Victorian estate agency opens a second trust account for its property management business. What must it tell Consumer Affairs Victoria, and when?
Correct Answer
B) The account name, number and branch address, via myCAV within 14 days
Within 14 days of opening a trust account, a Victorian estate agent must notify Consumer Affairs Victoria through myCAV of the account name and number and the address of the financial institution branch where it is held. An agent must also notify CAV within 14 days of closing a trust account.
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