Mich. Admin. Code R. 451.1241 - Reconciliation

Current through Vol. 22-05, April 1, 2022

Rule 21.

(1) The trust account reconciliation must contain provisions for recording and identifying the balance in each debtor's account, the balance from the bank statement, the check number and amount of each outstanding check, the date and amount of deposits not yet credited by the bank, the reconciled bank balance, the balance from the checkbook, and a detailed breakdown of any differences.
(2) Remedial action, as provided in section 15(5) of the act, MCL 451.425, must be either an immediate replacement of funds, or an immediate cessation of business until sufficient funds are placed in the account.

Notes

Mich. Admin. Code R. 451.1241
1979 AC; 2020 MR 17, Eff. 9/3/2020

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