§ 7604. Trust Accounts.
14 CA ADC § 7604Barclays Official California Code of Regulations
14 CCR § 7604
§ 7604. Trust Accounts.
Withdrawals shall not be made from a trust account maintained as provided by section 714 of the Harbors and Navigation Code except upon the signature of at least one of the following:
(b) Every broker required to maintain such trust fund account shall keep records of all funds deposited therein, which records shall clearly indicate the date and from whom he received the money, the date deposited, the dates of withdrawals, and other pertinent information concerning the transaction.
(f) In these circumstances if the offeror's check was held by the broker in accordance with subdivision (e) until acceptance of the offer, the check shall be placed into a neutral escrow depository or the trust fund account or into the hands of the offeree if offeror and offeree expressly so provide in writing not later than the next business day following acceptance of the offer unless the broker receives written authorization from the offeree to continue to hold the check.
Credits
Note: Authority cited; Section 703, Harbors and Navigation Code. Reference: Sections 714 and 716, Harbors and Navigation Code.
History
1. Editorial correction of Note filed 10-11-85 (Register 85, No. 41).
2. New subsections (e) and (f) filed 4-2-90; operative 5-2-90 (Register 90, No. 17).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 14, § 7604, 14 CA ADC § 7604
End of Document |