Section 18.035. Duty to notify the department.

 

(1)   Opening an account. No later than 10 days after opening any real estate trust account a broker shall provide the department with the name and number of the account, with the name of the depository institution in which the broker holds the account and with information concerning whether the account is for client funds or for real estate trust funds other than client funds. The information shall be provided on a form, as required in s. REEB 18.037 .

(2)   Changing or closing an account. A broker shall notify the department no later than 10 days after a broker changes a real estate trust account name or number, changes the real estate trust account from one depository institution to another, closes a real estate trust account or changes a real estate trust account to or from an interest-bearing common trust account established for client's funds. The notification shall be provided on a form, as required in s. REEB 18.037 . When closing a real estate trust account, a broker may inform the board by letter.

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 ; CR 13-072 : am. (2) Register May 2014 No. 701 , eff. 7-1-14.