Fla. Admin. Code Ann. R. 61B-60.006 - Escrow Trust Depository; Closing Transactions

(1) A broker holding the license of a salesperson shall sign the closing statement of any transaction brokered by the salesperson.

(2) A broker holding the license of a salesperson shall make all escrow trust account deposits and withdrawals of monies involved in a transaction brokered by the salesperson. Any salesperson who receives any deposit shall immediately deliver the same to the broker under whom he is licensed as a salesperson.

(3) Within 3 working days of receipt of funds, all funds received by a broker or salesperson in connection with the sale, exchange, or purchase of a yacht shall be deposited in the broker's trust account and shall remain in the account until the funds are disbursed pursuant to an agreement of the parties to the transaction or controlling statute. "Escrow trust account" shall mean a segregated account as required by Section 326.005, F.S., in which only funds received pursuant to the sale, exchange, or purchase of a yacht as regulated by Chapter 326, F.S., shall be deposited. No personal or operating funds shall be deposited or intermingled with any funds held in an escrow trust account, and monies deposited into the account shall not be used to pay operating expenses.

(4) A broker shall maintain books and records of receipts, deposits and withdrawals of escrow trust account funds in accordance with generally accepted accounting principles.

Notes

Fla. Admin. Code Ann. R. 61B-60.006

Specific Authority 326.003 FS. Law Implemented 326.004, 326.005 FS.

New 2-13-90, Amended 11-25-90, Formerly 7D-60.006, Amended 3-13-02, 5-15-03.

New 2-13-90, Amended 11-25-90, Formerly 7D-60.006, Amended 3-13-02, 5-15-03.