Ohio Admin. Code 4781-11-11 - Manufactured housing broker handling of trust account funds
(A)
Each person
licensed as a manufactured housing broker shall maintain a special or trust
bank account that shall be designated by the depository in which the account is
located, and all deposit tickets and checks drawn on said account shall bear
the words "escrow," "special," or "trust" account. The manufactured housing
broker shall deposit and maintain all escrow funds, security deposits, and
other moneys received by the manufactured housing broker in a fiduciary
capacity. The depository where special or trust accounts are maintained in
accordance with this rule shall be located in Ohio.
(B)
Upon renewal,
every licensed manufactured housing broker shall submit written proof to the
division of real estate and professional licensing of the continued maintenance
of the special or trust account required to be maintained by this chapter. The
written proof shall set forth that:
(1)
The special or trust bank account is
noninterest-bearing;
(2)
The dates of existence of the account;
and
(3)
The name and address of the depository where the
special or trust accounts are maintained.
(C)
A manufactured
housing broker may maintain the broker's own funds in the special or trust
account only when they are clearly identified as the broker's funds and only
for the following purposes:
(1)
If the financial institution in which the account is
maintained requires a special minimum balance that must be maintained in order
to keep the account open, the broker may maintain that amount in the account
designated as the broker's funds.
(2)
If the financial
institution in which the account is maintained requires a service charge be
paid for the account, the broker may maintain a reasonable amount to cover the
service charge in the account in the broker's name.
(D)
Any manufactured
housing broker who fails to comply with the provisions of this rule may be
deemed to be in violation of section
4781.25
of the Revised Code.
Replaces: 4781-11-11
Notes
Promulgated Under: 119.03
Statutory Authority: 4781.25
Rule Amplifies: 4781.25
Prior Effective Dates: 07/01/2010, 06/02/2011
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