Okla. Admin. Code § 605:10-13-2

Current through Vol. 42, No. 3, October 15, 2024

Section 605:10-13-2 - Duty to account; associate

The obligation of an associate to remit monies, valuable documents and other property coming into his or her possession within the meaning of subsection six (6), Section 858-312 of the Code shall be construed include but shall not be limited to the following:

(1) Shall turn over all documents, files and monies deposited, payments made, or things of value received by the associate to his or her broker promptly; and

(2) Shall deliver a copy of all instruments to any party or parties executing the same when such has been prepared by the associate or pertains to the consummation of a transaction in which he or she participated.

(3) Shall not be authorized to open or maintain a trust or escrow account, or be a signer on a trust or escrow account wherein the associate is providing licensed activities as defined in the License Code and Rules; however, an associate may open or maintain a trust or escrow account, or be a signer on a trust or escrow account, when the associate is performing activities as outlined in Section 858-301 of the Code.

Okla. Admin. Code § 605:10-13-2

Amended at 15 Ok Reg 3322, eff 7-13-98; Amended at 16 Ok Reg 394, eff 1-1-99 (emergency); Amended at 16 Ok Reg 2561, eff 7-1-99; Amended at 27 Ok Reg 1940, eff 7-1-10

Amended by Oklahoma Register, Volume 34, Issue 24, September 1, 2017, eff. 11/1/2017