Section 20-328-7a - Deposits(a) When a licensee receives a deposit or other moneys with respect to any transaction in which the licensee is engaged on behalf of the broker with whom the licensee is affiliated, the licensee shall promptly pay over the deposit or other moneys to such broker.(b) Any designated broker who, in the course of the broker's real estate business and in connection with any transaction, accepts from any principal, client or other person any moneys to which the broker is not personally and legally entitled, including, but not limited to, any down payment, earnest money, deposit, rental money or other money to be held by the broker in trust, shall deposit such moneys in an escrow or trust account in a bank doing business in the State of Connecticut unless otherwise required by law.Conn. Agencies Regs. § 20-328-7a
Effective May 18, 1990; Amended September 28, 1995; amended 12/27/2024