Cal. Code Regs. tit. 10 § 2831.1

Current through Register 2024 Notice Reg. No. 44, November 1, 2024

Section 2831.1 - Separate Record for Each Beneficiary or Transaction

(a) A broker shall keep a separate record for each beneficiary or transaction, accounting for all funds which have been deposited to the broker's trust bank account and interest, if any, earned on the funds on deposit. This record shall include information sufficient to identify the transaction and the parties to the transaction. Each record shall set forth in chronological sequence the following information in columnar form:

(1) Date of deposit.

(2) Amount of deposit.

(3) Date of each related disbursement.

(4) Check number of each related disbursement.

(5) Amount of each related disbursement.

(6) If applicable, dates and amounts of interest earned and credited to the account.

(7) Balance after posting transactions on any date.

(b) Maintenance of trust ledgers of separate beneficiaries or transactions, or similar records, or automated data processing systems, including computer systems and electronic storage and manipulation of information and documents, in accordance with generally accepted accounting principles will constitute compliance with subdivision (a), provided that such ledgers, records, or systems contain the elements required by subdivision (a) and that such elements are maintained in a format that will readily enable tracing and reconciliation in accordance with Section 2831.2.

Cal. Code Regs. Tit. 10, § 2831.1

1. New section filed 8-21-63; designated effective 9-20-63 (Register 63, No. 14).
2. Amendment filed 7-9-80; effective thirtieth day thereafter (Register 80, No. 28).
3. Repealer and new section filed 7-1-83; effective thirtieth day thereafter (Register 83, No. 30).
4. Amendment filed 1-9-85; effective thirtieth day thereafter (Register 85, No. 2).
5. Amendment of subsection (a) filed 4-2-86; effective thirtieth day thereafter (Register 86, No. 14).
6. Amendment of subsection (b) filed 11-13-96; operative 11-13-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 46).
7. Amendment of subsection (b) and NOTE filed 12-30-97; operative 1-29-98 (Register 98, No. 1).

Note: Authority cited: Section 10080, Business and Professions Code. Reference: Sections 10145 and 10148, Business and Professions Code.

1. New section filed 8-21-63; designated effective 9-20-63 (Register 63, No. 14).
2. Amendment filed 7-9-80; effective thirtieth day thereafter (Register 80, No. 28).
3. Repealer and new section filed 7-1-83; effective thirtieth day thereafter (Register 83, No. 30).
4. Amendment filed 1-9-85; effective thirtieth day thereafter (Register 85, No. 2).
5. Amendment of subsection (a) filed 4-2-86; effective thirtieth day thereafter (Register 86, No. 14).
6. Amendment of subsection (b) filed 11-13-96; operative 11-13-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 46).
7. Amendment of subsection (b) and Note filed 12-30-97; operative 1-29-98 (Register 98, No. 1).