Rule 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 brokerage in a fiduciary capacity. This record shall include, but not be limited to, the following information :
(1) Date funds received;
(2) Method of receipt including:
(a) Cash and associated receipt number;
(b) Negotiable instrument number;
(c) Money order number;
(d) Electronic funds transfer number;
(e) Funds transfer number;
(f) Automated clearing house (ACH) number;
(g) Credit or debit card transaction number;
(3) Party from whom funds are received and the purpose of the funds;
(4) Amount received;
(5) Date funds are deposited in special or trust bank account and account number;
(6) Date funds are disbursed;
(7) Method of disbursement including:
(a) Cash and associated receipt number;
(b) Negotiable instrument number;
(c) Money order number;
(d) Electronic funds transfer number;
(e) Funds transfer number;
(f) Automated clearing house (ACH) number;
(g) Credit or debit card transaction number;
(8) Amount of disbursement;
(9) Party, and if applicable, account to whom funds are disbursed and purpose of disbursement;
(10) 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.
Last updated February 11, 2025 at 8:37 AM
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