Ohio Admin. Code 1301:5-5-09

Current through all regulations passed and filed through October 28, 2024

Section 1301:5-5-09 - Trust account records to be maintained

(A) Every brokerage shall keep a record of all trust funds received, including escrow funds, security deposits, and other monies received by the brokerage in a fiduciary capacity. This record shall include, but not be limited to, the following information :

(1) Date funds received;

(2) Method of receipt including:

(a) Cash and associated receipt number;

(b) Negotiable instrument number;

(c) Money order number;

(d) Electronic funds transfer number;

(e) Funds transfer number;

(f) Automated clearing house (ACH) number;

(g) Credit or debit card transaction number;

(3) Party from whom funds are received and the purpose of the funds;

(4) Amount received;

(5) Date funds are deposited in special or trust bank account and account number;

(6) Date funds are disbursed;

(7) Method of disbursement including:

(a) Cash and associated receipt number;

(b) Negotiable instrument number;

(c) Money order number;

(d) Electronic funds transfer number;

(e) Funds transfer number;

(f) Automated clearing house (ACH) number;

(g) Credit or debit card transaction number;

(8) Amount of disbursement;

(9) Party, and if applicable, account to whom funds are disbursed and purpose of disbursement;

(10) Any other documents necessary and sufficient to verify and explain record entries and identify the current balance in the special or trust bank account.

(B) Evidence of a licensee's failure to maintain records in accordance with this rule shall constitute a violation of division (A)(24) of section 4735.18 of the Revised Code.

Ohio Admin. Code 1301:5-5-09

Effective: 2/10/2019
Five Year Review (FYR) Dates: 11/26/2018 and 11/26/2023
Promulgated Under: 119.03
Statutory Authority: 4735.10
Rule Amplifies: 4735.081, 4735.24, 4735.18(A)(26), 4735.10
Prior Effective Dates: 05/01/1990