The dealer must ensure that the name of the trust account includes:

• the full name of the dealer;
• the dealer's licence number;
• the trading name (if any); and
• the words 'consignment trust account'.

When a dealer opens or closes a trust account, the Commissioner for Consumer Protection must be informed as soon as practicable in writing specifying:

• the name and number of the trust account; and
• the name and address of the financial institution with which the trust account is or was maintained.

Consignment trust account & auditor form

• All funds from the sale of a consignment vehicle must be paid into the trust account.
• If the vehicle is sold on consignment and the dealer accepts a trade-in vehicle as part payment (consideration), the dealer must deposit in the trust account an amount equal to the trade-in value of the vehicle.
• If the trade-in value is greater than the amount owed to the consignor or owner of the vehicle, the dealer may deduct the money owed to the purchaser from the trade in-value deposited.
• Payment of the money into the trust account must be made within one business day of receipt.
• Payment to the person consigning the vehicle (the owner) must be made within two business days of receiving payment.
• A dealer's commission must be authorised in writing and must be paid from the trust account. This is shown at Condition 3 of the consignment agreement.
• Only monies relating to consignment transactions can be deposited or withdrawn from a trust account. Bank fees and charges for operating the trust account must be paid from a dealer's general account.

• A dealer must ensure that a record is kept relating to a trust account. The record must be in writing, maintained for not less than six years from the date on which the money was received and be made readily accessible.
• Financial institutions must notify the Commissioner for Consumer Protection when any trust account is overdrawn.
• A dealer who maintains a consignment trust account/s and has held or received any money in relation to a consignment sale, must have its trust account/s audited "every financial year".
• The audit report is required to be submitted to the Commissioner for Consumer Protection (Commissioner) within 3 months of the end of that year, "30 September".
• Alternatively, if the dealer has not held or received any money in relation to a consignment trust account, he/she may submit a statutory declaration to that effect for the consignment trust account for that audit period.
• The Commissioner for Consumer Protection may order a special audit of trust accounts at any time where deficiencies or mismanagement are suspected. The cost of this audit will be at the dealer's expense.