Section 12 AAC 64.250 - Prohibited trust account activityA broker may not
(1) pay a salesperson's commission directly from the trust account;(2) pay bills for the broker's business or personal obligations from the trust funds;(3) use trust funds to pay the maintenance expenses of a trust account;(4) commingle funds by depositing the broker's own funds in a trust account, except those described in 12 AAC 64.180(d);(5) withdraw funds from a trust account without fully complying with the recordkeeping requirements of 12 AAC 64.220;(6) refuse to provide an accounting to the principals of a transaction for funds being held in trust; or(7) refuse to return a deposit to a prospective buyer whose offer was not accepted; the broker may delay the return of the deposit until one business day after the prospective buyer's check has cleared.Eff. 1/19/78, Register 65; am 7/16/94, Register 131Authority:AS 08.88.071
AS 08.88.081
AS 08.88.351