Mich. Admin. Code R. 456.1303

Current through Vol. 24-18, October 15, 2024

Section R. 456.1303 - Funding and disbursement journals; requirements

Rule 303. For each trust, a registrant shall maintain, in chronological order, a separate monthly funding and disbursements journal. The journal shall be retained as a record, as required under R 456.1301, and include all of the following:

(a) For funding, the journal shall include all of the following:

(i) The date funds were placed in trust.

(ii) The date income was placed in trust.

(iii) The amount of funds placed in trust.

(iv) The amount of income placed in trust.

(v) The month the underlying receipts were received to which the funding relates.

(b) For disbursements, the journal shall include all of the following:

(i) The date funds were disbursed from trust.

(ii) The date income was disbursed from trust.

(iii) The amount of funds disbursed from trust.

(iv) The amount of income disbursed from trust.

(v) The purpose of the disbursement.

Mich. Admin. Code R. 456.1303

2015 MR 19, Eff. 10/6/2015