12 AAC 64.180. Establishment of trust account

(a) Every real estate broker shall establish one or more trust accounts in a bank authorized to do business in this state, and the name of the account so established must include the words "trust account" or "trustee account."

(b) A real estate broker shall file with the commission the name of the account, the account number, and the name and branch of the bank that holds the account for all trust accounts maintained by the broker.

(c) The broker who establishes the account shall be trustee of the account and responsible for all signatories to that account.

(d) If maintenance expenses are charged against a trust account, the broker shall deposit a sum of money not exceeding $100 to the trust account for the purpose of paying the maintenance expenses of the account and shall make additional deposits when necessary, but not to exceed $100 on deposit.

(e) All trust accounts must be demand accounts only.

History: Eff. 1/19/78, Register 65; am 12/6/81, Register 80; am 7/16/94, Register 131; am 2/12/99, Register 149

Authority: AS 08.88.081

AS 08.88.351

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