1301:5-5-09 Trust account records to be maintained.

(A) Every brokerage shall keep a record of all trust funds received, including escrow funds, security deposits, and other monies received by the broker in a fiduciary capacity. This record shall include, but not be limited to, the following information in columnar form:

(1) Date funds received;

(2) Party from whom funds are received and the purpose of the funds;

(3) Amount received;

(4) Date funds are deposited in special or trust bank account;

(5) Check number and date funds are disbursed;

(6) Party to whom funds are disbursed and purpose of disbursement;

(7) Any other documents necessary and sufficient to verify and explain record entries and identify the current balance in the special or trust bank account.

(B) Evidence of a licensee’s failure to maintain records in accordance with this rule shall constitute a violation of division (A)(24) of section 4735.18 of the Revised Code.

R.C. 119.032 review dates: 12/22/2006 and 06/30/2011

Promulgated Under: 119.03

Statutory Authority: 4735.10

Rule Amplifies: 4735.18, 4735.10

Prior Effective Dates: 5/1/1990