86-3-21 Trust account documentation.
- Except as specified in paragraph (a)(6), each supervising broker
or branch broker that maintains a trust account shall file a consent
to audit, which is commonly known as a "trust account report,"
with the commission, on a form approved by the commission, within
10 days of the occurrence of any of the following:
- The establishment of a new primary office or branch office;
- a change in the name of the supervising broker or branch broker;
- a change in the status of the supervising broker or branch broker;
- a change in the name of the primary office or branch office;
- a change in the account number for the trust account or a change
in the financial institution in which the trust funds are held;
- a change in the supervising broker for the primary office or
the branch broker for the branch office. This trust account report
shall be filed by the new broker responsible for supervising the
office; or
- the filing of a report on closing trust account, unless the
primary office or branch office has been closed.
- Each supervising broker or branch broker that closes a trust account
shall notify the commission by filing a "report on closing trust
account" with the commission on a form approved by the commission,
accompanied by a copy of the bank statement showing that the trust
account has been closed, within 10 days of the occurrence of any of
the following:
- Closure of the trust account;
- closure of the primary office or branch office, unless an exemption
not to maintain a trust account has been granted by the commission
for each trust account that was in existence at the time the primary
office or branch office closed; or
- a change in the account number for the trust account or a change
in the financial institution in which the trust funds are held.
(Authorized by K.S.A. 74-4202(b); implementing K.S.A. 2006 Supp. 58-3061;
effective, T-87-32, Nov. 19, 1986; effective May 1, 1987; amended Nov.
18, 1991; amended, T-86-7-2-07, July 2, 2007; amended Nov. 16, 2007.)
