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.