3 AAC 23.590. Receipt of fiduciary money

(a) Within 24 hours after receipt, a licensee who receives money in a fiduciary capacity shall document that money in sufficient detail to determine, at a minimum, the date received, name of the payee, and amount. If the licensee receives cash, the licensee shall give the payer a detailed receipt at the time of payment. The detailed receipt must include the date received, amount received, payer name, payee name, and purpose of payment, and any other information important to the transaction.

(b) A licensee shall maintain detailed receipt records as records of a transaction under the requirements of AS 21.27.350 (b).

(d) Repealed 3/30/2003.

(e) Failure to comply with (a) of this section is a violation of AS 21.27.350 and 21.27.360.

(f) Repealed 3/30/2003.

History: Eff. 8/29/90, Register 115; am 8/4/94, Register 131; am 3/30/2003, Register 165

Authority: AS 21.06.090

AS 21.27.350

AS 21.27.360

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