Section 62-13-321 - Escrow or trustee account of deposited funds

Every broker shall, in accordance with rules promulgated by the commission under § 62-13-203, keep an escrow or trustee account of funds deposited with the broker relating to a real estate transaction. The broker shall maintain for a period of at least (3) years accurate records of the account showing:(1) The depositor of the funds;(2) The date of deposit;(3) The date of withdrawal;(4) The payee of the funds; and(5) Other pertinent information that the commission may require.Acts 1988, ch. 919, § 1.