| Every agency shall maintain a trust |
or accounts in a banking institution located in the |
| institution authorized to do business in this State, as defined |
| in Title 9-B, section 131, subsection 17-A, or a credit union |
| authorized to do business in this State, as defined in Title 9-B, |
| section 131, subsection 12-A, for the sole purpose of depositing |
| all earnest money deposits and all other money held by it as an |
| agency in which its clients or other persons with whom it is |
| dealing have an interest. The trust account and withdrawal |
orders, including all checks drawn on the account, shall |
| name the subject agency and be identified as a real estate trust |
account. Real estate trust accounts shall |
| trustee process, except by those persons for whom the brokerage |
| agency has made the deposits and then only to the extent of the |
| interest. The designated broker, except for an amount necessary |
| to maintain the accounts not to exceed an amount prescribed by |
| commission rule, shall withdraw from the accounts all fees due |
within 30 days after, |
| of the transaction when the designated broker makes or causes to |
be made a full accounting to his |
designated broker shall maintain, at the agency's place of |
business, contracts and other necessary records to verify the |
adequacy and proper use of the accounts |
| supporting records in a manner prescribed by commission rule. |
These accounts and records shallopened |
inspection by the director or his |
| representative at the agency's place of business during generally |
| recognized business hours. Upon order of the director, the |
| designated broker shall authorize the director in writing to |
| confirm the balance of funds held in all agency trust accounts. |
| Rules adopted pursuant to this section are routine technical |
| rules as defined in Title 5, chapter 375, subchapter 2-A. |
