The commission may examine such account at any time upon reasonable cause. Each broker who maintains a trust account shall authorize the commission to examine such trust account by a duly authorized representative of the commission.
Each broker who is required to maintain a trust or escrow account shall notify the commission of the name of the bank in which the trust account is maintained and also the number of the account or, if the bank does not use numbered accounts, the name of the account on forms provided therefor.A broker who does not accept trust funds in real estate brokerage transactions is not required to maintain a designated trust or escrow account provided, however, that if a broker does not maintain such a trust or escrow account and later receives trust funds in a real estate brokerage transaction, such broker must open the designated trust or escrow account required by this subsection within one business day of the receipt of such trust funds. An account so designated and registered with the commission shall not be subject to attachment or garnishment. Each broker who accepts down payments, earnest money deposits, security deposits, rents, association fees, or other trust funds in a real estate brokerage transaction or whose affiliated licensees accept such trust funds shall maintain a separate, federally insured account at a financial institution in this state which shall be designated a trust or escrow account wherein all down payments, earnest money deposits, or other trust funds received by the broker or the broker's affiliated licensees, on behalf of a principal or any other person, shall be deposited.
0 kommentar(er)
