Section 18.10. Comingling funds prohibited.

 

(1)   Depositable funds. A broker shall deposit only real estate trust funds in the broker's real estate trust account.

(a) Except for sub. (b) , a broker shall not commingle the broker's personal funds or other funds in the real estate trust account.

(b) A broker may deposit and maintain a sum not to exceed $300.00 from the broker's personal funds in any real estate trust account. Such sum shall be specifically identified and deposited to cover service charges relating to the real estate trust account.

(2)   Additional funds. A broker shall deposit additional personal funds in sums consistent with sub. (1) (b) in the broker's real estate trust account within 10 business days following receipt of a statement or other notification from a depository institution that a service charge has been made against the account for which insufficient personal funds are available in the real estate account.

Cr. Register, April, 1981, No. 304 , eff. 5-1-81; renum. from REB 9.10, Register, February, 1983, No. 326 , eff. 3-1-83; am. Register, July, 1984, No. 342 , eff. 7-1-84; am. Register, January, 1992, No. 433 , eff. 2-1-92; am. Register, August, 1994, No. 464 , eff. 9-1-94; CR 13-072 : r. and recr. Register May 2014 No. 701 , eff. 7-1-14.