N.M. Code R. § 16.61.23.8
Current through Register Vol. 35, No. 11, June 11, 2024
Section 16.61.23.8 - DESCRIPTION, DESIGNATION AND RECONCILIATIONA. Funds of others. A qualifying broker who receives money belonging to others related to a real estate transaction shall deposit same only in a trust account in an acceptable financial institution, title company or with a qualifying broker also involved in the transaction.B. Designation. All trust accounts shall be designated on the institution's records as "trust account" and include the trade name of the brokerage as registered with the commission.C. Electronic transactions. Online payments, direct deposits and other electronic transactions are permitted as long as each transaction can be tracked on the bank statement and on the property ledger.D. Reconciliation. As defined in Subsection VV of 16.61.1 NMAC Section 1 of the commission rules, trust account reconciliation must be performed monthly and verified by the qualifying broker.E. Property ledgers. Each trust account transaction shall be assigned to and properly accounted for in relation to the managed property to which it belongs (e.g. single family home, apartment complex or commercial property).F. Number of trust accounts. A brokerage may have more than one trust account.N.M. Code R. § 16.61.23.8
16.61.23.8 NMAC - Rp, 16.61.23.8 NMAC, 1-1-2012, Amended by New Mexico Register, Volume XXVII, Issue 22, November 30, 2016, eff. 1/1/2017, Amended by New Mexico Register, Volume XXXI, Issue 23, December 15, 2020, eff. 1/3/2021