03 AAC 23.590. Receipt of Trust Money

(a) Receipt of trust money must be accomplished within five banking business days after a licensee's day of receipt.

(b) Receipt of trust money is considered to have occurred when

(1) an initial record is made on a specific item basis in control accounts maintained in the licensee's accounting records under 3 AAC 23.520(a) (1); the control accounts must have

(A) a separate account title;

(B) a separate account number if an account numbering system is in use; and

(C) a title complying with 3 AAC 23.580(a) ; and

(2) deposit is made in a trust money account at a financial institution.

(c) As used in AS 21.27.360 (b), "trust money account" means a deposit account in a financial institution insured by an agency of the United States government or an organization bearing the full faith and credit of the United States government.

(d) The payment of interest by a financial institution, and the periodic removal or automatic transfer of that interest to a financial institution account that is not a trust money account, is not considered to be a violation by a licensee of AS 21.27.350 or 21.27.360.

(e) Failure to comply with (a) of this section is a violation of AS 21.27.350 and 21.27.360.

(f) Failure to deposit trust money in a trust money account as defined in (c) of this section is a violation of AS 21.27.360 .

Authority:

AS 21.06.090

AS 21.27.350

AS 21.27.360