§16-99-4
Client’s account; trust funds; properties other than funds
§16-99-4(d) The amendments to paragraphs (d) and (e) clarify the handling of trust funds and properties other than funds and require such funds or property be deposited or placed in an appropriate secure place by the next business day; and for property located in this state, the neutral escrow depository shall also be located in this state.
New Rule
Old Rule
(d) Every brokerage firm shall deposit or place trust funds received into a neutral escrow depository or in a trust fund account with some bank or recognized depository, which is federally insured, by the next business day following their receipts. The neutral escrow depository shall be located in the same state where the property is located.
(d) Every brokerage firm shall deposit or place trust funds received into a neutral escrow depository or in a trust fund account with some bank or recognized depository, which is federally insured, by the next business day following their receipts.
New Rule
Old Rule
(e) Each principal broker or broker-in-charge who receives personal property, other than funds, in trust for other people, shall safeguard the property by placing the property by the next business day in a secure place located in the State.
(e) Every principal broker or broker in charge who receives personal property, other than funds, in trust for other people, by the next business day shall safeguard the property by placing the property in a secure place located in the State.