Section 18.036. Authorization to examine real estate trust accounts and records.

 

(1)   Broker's authorization. No later than 10 days after opening a real estate trust account a broker shall furnish the department authorization for the department to examine and audit all of the broker's real estate trust account records and authorization for the department of administration to examine all of the broker's interest-bearing common trust accounts maintained for client funds. The authorization shall be provided on a form, as required in s. REEB 18.037 .

(2)   Depository institution's certification. No later than 10 days after opening a real estate trust account a broker shall obtain the certification of every depository institution in which the broker maintains a real estate trust account attesting to the existence of the account and consenting to the examination and audit of the account by a duly authorized representative of the department or, in the case of interest-bearing common trust accounts maintained for client funds, the department of administration. The certification shall be provided to the department on a form, as required in s. REEB 18.037 .

Cr. Register, August, 1994, No. 464 , eff. 9-1-94; correction in (1), (2) made under s. 13.92 (4) (b) 7. , Stats., Register November 2011 No. 671 .