Section 12.64.250. Prohibited trust account activity.

A broker may not  
		(1) pay a salesperson's commission directly from the trust account;  
		(2) pay bills for the broker's business or personal obligations from the trust funds;  
		(3) use trust funds to pay the maintenance expenses of a trust account;  
		(4) commingle funds by depositing the broker's own funds in a trust account, except those described in 12 AAC 64.180(d);  
		(5) withdraw funds from a trust account without fully complying with the recordkeeping requirements of 12 AAC 64.220;  
		(6) refuse to provide an accounting to the principals of a transaction for funds being held in trust; or  
		(7) refuse to return a deposit to a prospective buyer whose offer was not accepted; the broker may delay the return of the deposit until one business day after the prospective buyer's check has cleared.  

Authorities

08.88.071;08.88.081;08.88.351

Notes

Authority

AS 08.88.071 AS 08.88.081 AS 08.88.351

History

Eff. 1/19/78, Register 65; am 7/16/94, Register 131