(1) Offices or firms having more than one broker may utilize a single trust account.

(2) A broker may delegate authority for maintenance of a trust account to a designated broker with whom the broker is employed or associated. Delegation shall not relieve either broker from responsibility for any failure to comply with these trust account requirements whether by the delegating broker or the designated broker.

(3) Broker trust accounts may be maintained in interest-bearing accounts with the interest payable to the broker, principal, third-party, or any other person, as may be designated by agreement. Interest payable to the broker shall be identified by agreement as consideration for services performed.

(4) If a broker elects to hold trust funds, the broker must comply with the following:

(a) All monies, belonging to others and accepted by the broker while acting in the capacity as a broker, shall be deposited in an insured account at an institution located in Montana;

(b) The name of such account shall be identified by the words "trust account";

(c) Trust funds shall be retained in this trust account until the transaction involved is closed or terminated;

(d) However, trust funds may be disbursed to the closing agent in anticipation of closing upon written agreement of the buyers and sellers. The broker must account for trust account funds at all times;

(e) At the client's instructions, trust funds may be retained in the trust account although there is no purchase, lease, or rental agreement in existence, or when the transaction has been terminated;

(f) No payments of personal indebtedness of the broker shall be made from a trust account;

(g) Money held in the trust account which is due and payable to the broker must be withdrawn within ten business days after such money becomes due and payable to the broker;

(h) A broker shall not be entitled to any part of the earnest money or other monies paid to the broker in connection with any real estate transaction as part or all of the commission or fee until the transaction has been closed or terminated. If there is a division of forfeited earnest money between the broker and seller, it shall be pursuant to a written agreement between them;

(i) Maintenance of a trust account shall include the broker or designated broker keeping at the broker or designated broker's office complete record of all funds received, in the following manner:

(i) a bank deposit slip showing the date of deposit, amount, source of the money, and where deposited;

(ii) monthly bank statements are to be retained and kept on file;

(iii) trust account checks shall be numbered and all voided checks retained. The checks shall denote the broker's business name, address, and should be designated as "trust account";

(iv) a record which shows the chronological sequence in which funds are received and disbursed;

(v) for funds received, the record must include the date, the name of the party who is giving the money, the name of the principal, and the amount;

(vi) the record of deposit must include the date, the name of the party who is giving the money, and the name of the principal;

(vii) for disbursements, the record must include the date, the payee, and the amount;

(viii) a running balance must be shown after each entry;

(j) A record shall be kept to show the receipts and the disbursements as they affect a single, particular transaction. The record must include the names of the parties to a transaction, the date, and the amounts received. When disbursing funds, the date, payee, and amount must be shown. A running balance must be shown after each entry;

(k) The trust account must be reconciled monthly;

(l) Trust account records shall be maintained for five years from the date of receipt of any funds or property;

(m) The board is authorized to examine each broker's trust account. Such examination will be conducted by a board representative and will be at such time as the board representative may request during normal business hours. The broker is required to fully cooperate with the board representative;

(n) A salesperson, or a broker who has delegated the broker's obligation to maintain a trust account to a designated broker pursuant to (1), shall place all funds for deposit in the custody of the supervising or designated broker in adequate time for the supervising or designated broker to comply with all trust account requirements.

(5) Funds deposited in a trust account in connection with a real estate transaction shall not be commingled with the broker's personal funds or other funds in said trust account with the exception that a broker may deposit and keep a sum not to exceed $1000 of broker's personal funds in the trust account, which sum includes any interest earned on the trust account if the trust account is maintained in an interest-bearing account and the interest accrues to the broker. Personal funds may be distributed to the broker or the financial institution for payment of trust account bank charges.

(6) A broker may maintain more than one trust account.

(7) All licensees shall ensure that all real estate funds which they receive are deposited in the broker's trust account or are delivered to the designated holder of the funds within three business days of the broker's or salesperson's (whichever is earlier) receipt of the money, unless otherwise agreed to by the parties.

(8) The broker is responsible at all times for the proper handling of earnest money, security deposits, or other funds received by the broker, the broker's salesperson, or funds received by the broker as a designated broker pursuant to (1) on behalf of customers or clients.

(9) All required trust account records may be maintained electronically but must be maintained in a manner that permits auditing.