Please provide all comments regarding the below proposed regulation to Whitney Clark, Associate Attorney at the following address:
NYS Department of State
Division of Licensing Services
P.O. Box 22001
Albany, NY 12201-2001
Section 175.1 of Title 19 NYCRR is amended to read as follows:
A real estate broker shall not commingle the money or other property of his principal with his own and shall at all times maintain a separate, special bank account to be used exclusively for the deposit of said monies and which deposit shall be made [as promptly as practicable] within three business days. Until such time as the money is deposited into a separate, special bank account, it shall be safeguarded in a secure location so as to prevent loss or misappropriation. Said monies shall not be placed in any depository, fund or investment other than a federally insured bank account. Accrued interest, if any, shall not be retained by, or for the benefit of, the broker except to the extent that it is applied to, and deducted from, earned commission, with the consent of all parties.