Current through Register Vol. 54, No. 21, May 25, 2024
Section 35.326 - Prohibition against commingling or misappropriation(a) Except as provided in subsection (b), a broker may not commingle money that is required to be held in escrow-or interest earned on an escrow account-with business, personal or other funds.(b) A broker may deposit business or personal funds into an escrow account to cover service charges assessed to the account by the bank or depository where the account is located or to maintain a minimum balance in the account as required by the regulations of the bank or depository.(c) A broker may not misappropriate money that is required to be held in escrow-or interest earned on an escrow account-for business, personal or other purposes.The provisions of this § 35.326 adopted February 24, 1989, effective 2/25/1989, 19 Pa.B. 781; amended June 10, 1994, effective 6/11/1994, 24 Pa.B. 2904.The provisions of this § 35.326 issued under the Real Estate Licensing and Registration Act (63 P. S. §§ 455.101-455.902).