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| Every agency shall maintain a trust |
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 |
| subject agency and be identified as a real estate trust account. |
Real estate trust accounts shall |
| 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, |
| but not until consummation or termination of the transaction when |
| the designated broker makes or causes to be made a full accounting |
to his |
maintain, at the agency's place of business, contracts and other |
necessary records to verify the adequacy and proper use of the |
accounts |
prescribed by commission rule. These accounts and records shall |
must be openedhis |
| director's authorized 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. |
