(a) When acting as an agent in the management of property a real estate broker shall not accept any commission, rebate or profit on expenditures made for his client without his full knowledge and consent.

(b) A person, firm or corporation licensed or acting as a real estate broker, and having on deposit or otherwise in custody or control any money furnished as security by a tenant of real property, shall treat, handle and dispose of such money (including any required interest thereon) in compliance with the requirements of section 7-103 of the General Obligations Law. Failure to so comply, including failure to pay, apply or credit any required interest, shall constitute grounds for disciplinary or other appropriate action by the Secretary of State.