Ohio Administrative Code
Title 1301:5 - Division of Real Estate
Chapter 1301:5-5 - General Provisions for Licensees
Section 1301:5-5-09 - Trust account records to be maintained

Universal Citation: OH Admin Code 1301:5-5-09

Current through all regulations passed and filed through September 16, 2024

(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.

Disclaimer: These regulations may not be the most recent version. Ohio may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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