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When must trust funds received by a broker be deposited in a trust account?

April 26, 2017account broker deposited funds received Trust

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When must trust funds received by a broker be deposited in a trust account?

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10 Posted

A. Trust funds received by the broker or his or her salespersons must be deposited in a trust account within 48 hours of receipt. If funds are received on a day prior to a holiday or other day when the depository institution is closed, the broker shall deposit the funds within the next 2 business days in the depository institution.