Wis. Admin. Code Department of Financial Institutions DFI-Bkg 74.06

Current through May 28, 2024

Section DFI-Bkg 74.06 - [Effective 1/1/2025] Trust fund account

(1) A licensee's trust checking account shall be identified as a "trust account."

(2) A licensee may maintain trust funds in an interest-bearing savings account or instrument provided it is identified as a "trust account."

(3) Sufficient funds shall be maintained in the trust account or trust accounts to pay all moneys due or owing all creditors or forwarders. For the purpose of determining sufficient funds, amounts collected by a 3rd party, but not yet deposited into the licensee's trust account, are not considered trust funds.

(4) Sufficient funds shall be maintained in the trust checking account on which remittance checks or electronic debits are drawn or made to pay all checks and debits when presented.

(5) The licensee shall have sufficient documentation from the trust account or trust accounts available to make an adequate examination.

(6) Third party payment processors may not be given authority to withdraw funds from the licensee's trust account.

Wis. Admin. Code Department of Financial Institutions DFI-Bkg 74.06

CR 06-045: CR Register September 2006 No. 609, eff. 10-1-06.

Amended by, CR 23-039: renum. DFI-Bkg 74.06 to (2) to (5) and, as renumbered, am. (2) to (4), cr. (1), (6) Register February 2024 No. 819, eff. 4/1/2024

Amended by, 2023 Wis. Act 267: renum. DFI-Bkg 74.06 to (2) to (5) and, as renumbered, am. (2) to (4), cr. (1), (6) Register April 29 No. 820, eff. 1/1/2025; merger of (1) to (5) treatments by 2023 Wis. Act 267 and CR 23-039 made under s. 13.92 (4) (bm), Stats., and Register April 29 No. 820

Sub. (6) is shown as created eff. 1-1-25 by 2023 Wis. Act 267. A similar provision with the same numbering was created eff. 4-1-24 by CR 23-039. As created by CR 23-039, it reads: