Utah Admin. Code 590-170-4

Current through Bulletin 2024-19, October 1, 2024

Section R590-170-4 - Establishing a Trust Account

(1)

(a) Each record relating to a trust account shall be identified with the wording "trust account" or wording similar to the term "trust account," including the term "premium fund account."

(b) A trust account record includes a:

(i) check;

(ii) bank statement;

(iii) general ledger; or

(iv) bank-retained record pertaining to the trust account.

(2) A licensee shall open a trust account with a Federal Employer Identification number or a Social Security number.

(3)

(a) A trust account shall be a separate and distinct account from the licensee's operating and personal accounts.

(b) The trust account shall have:

(i) a separate account number ;

(ii) a separate account register ; and

(iii) separate checks, deposit slips, and withdrawal slips.

(4) A person other than a licensee may be a signatory on a licensee's trust account only if that person:

(a) is an employee of the licensee; and

(b) has specific responsibility for the licensee's trust account.

Utah Admin. Code R590-170-4

Amended by Utah State Bulletin Number 2014-22, effective 10/30/2014

Amended by Utah State Bulletin Number 2022-12, effective 5/26/2022