No holding of transaction monies
7.—(1)  No estate agent or salesperson shall hold or handle any money for or on behalf of any party in relation to any of the following property transactions:
(a)the sale or purchase of any property situated in Singapore; and
(b)the lease of HDB property.
(2)  Paragraph (1) shall not prevent any estate agent or salesperson from —
(a)delivering on behalf of any party a crossed account payee cheque or cashier’s order drawn in favour of another party to the transaction; or
(b)receiving such remuneration or reimbursement in relation to the management, repair or renovation of the property as the estate agent or salesperson may be entitled to under a written contract or authorisation.
(3)  Any person who contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 6 months or to both and, in the case of a continuing offence, to a further fine not exceeding $500 for every day or part thereof during which the offence continues after conviction.