N.H. Code Admin. R. Rea 702.01 - Trust Accounts
(a) Every resident
and non-resident principal broker who in the course of her or his real estate
business in the State of New Hampshire receives, accepts, and holds any monies
on behalf of any principal, client, or other person shall at all times maintain
a separate escrow or real estate trust account, distinct from her or his own
account, in a financial institution of her or his choice located in this state,
for the deposit of all such monies so received by the licensee, pursuant to
RSA
331-A:13.
(b) Upon acceptance and execution of a
contract, all earnest money deposited and down payments received by a principal
broker as escrow agent in a real estate transaction shall be promptly deposited
in her or his separate escrow or real estate trust account, pursuant to
RSA
331-A:13, when at that time the principal
broker shall be responsible to make full accounting thereof to the signatories
to the contract.
Notes
#5076, eff 2-21-91 (from Rea 404.03 ); ss by #5576, eff 2-11-93, EXPIRED: 2-11-99
New. #7164, INTERIM, eff 12-18-99, EXPIRED: 4-16-00
New. #7267, eff 5-6-00; ss by #7522, eff 6-28-01; ss by #8835, eff 5-1-07
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