La. Admin. Code tit. 46 § LXVII-2713
Current through Register Vol. 50, No. 12, December 20, 2024
Section LXVII-2713 - Personal Funds in Escrow and Trust Checking AccountsA. A sum not to exceed $2,500 may be kept in each sales escrow checking account, rental trust checking account, and security deposit trust checking account, which sum shall be specifically identified and deposited to cover bank service charges relating to the accounts, and shall not be used for any other purpose.B. A broker engaged in property management activities may keep funds in excess of $2,500 in a rental trust checking account for the temporary, limited, and specific purpose of enabling the broker to satisfy financial obligations for or on behalf of clients.La. Admin. Code tit. 46, § LXVII-2713
Promulgated by the Department of Economic Development, Real Estate Commission, LR 26:44 (January 2000), amended by the Office of the Governor, Real Estate Commission, LR 32:1452 (August 2006), LR 37:3006 (October 2011).AUTHORITY NOTE: Promulgated in accordance with R.S. 37:1431 et seq.