Section 125.06. Opening and closing trust accounts.

Latest version.

(1) The department may not require an auctioneer or auction company to open a trust account before the auctioneer or auction company receives trust funds which must be deposited, unless the department finds, in a specific case, that an earlier opening of an account is needed in order to assure compliance with this chapter.

(2) An auctioneer or auction company may close a trust account when no trust funds remain in the auctioneer's or auction company's possession.

History: Cr. Register, June, 1995, No. 474 , eff. 7-1-95.

                    
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