Client Account - Definition - Law Dictionary Home Dictionary Definition client-account

Definition :

Client account, is a current or deposit account with an authorised institution, in the name of the estate agent or his employer, containing the word 'client' in its title, Estate Agents Act, 1979, s. 14(2) (UK) Halsbury's Laws of England, Vol. 1(2), para 17, p. 15.

Includes (i) a guarantor or a person who proposes to give guarantee or security for borrower of a credit institution; or (ii) a person (a) who has obtained or seeks to obtain financial assistance from a credit constitution, by way of loans, advances, hire purchase, leasing facility, letter of credit, guarantee facility, venture capital assistance by way of credit cards or in any other form or manner; (b) who has raised or seeks to raise money by issue of security as defined in clause (h) of s. 2 of the Securities Contracts (Regulation) Act, 1956, or by issue of commercial paper depository receipts or any other instrument; (c) whose financial standing has been assessed or is proposed to be assessed by credit institution or any other person or institution as may, by notification, be directed by the Reserve Bank. [Credit Information Companies (Regulation) Act, 2005, s. 2(c)].