12 AAC 64.250 - Prohibited trust account activity
A broker may not
(1) pay a salesperson's commission directly
from the trust account;
(2) pay
bills for the broker's business or personal obligations from the trust
funds;
(3) use trust funds to pay
the maintenance expenses of a trust account;
(4) commingle funds by depositing the
broker's own funds in a trust account, except those described in
12 AAC
64.180(d);
(5) withdraw funds from a trust account
without fully complying with the recordkeeping requirements of
12 AAC 64.220;
(6) refuse to provide an accounting to the
principals of a transaction for funds being held in trust; or
(7) refuse to return a deposit to a
prospective buyer whose offer was not accepted; the broker may delay the return
of the deposit until one business day after the prospective buyer's check has
cleared.
Notes
Authority:AS 08.88.071
AS 08.88.081
AS 08.88.351
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