2012 Revised Code of Washington
Title 19 - BUSINESS REGULATIONS — MISCELLANEOUS
19.310 Exchange facilitators.
19.310.110 Deposit of client funds -- Written notice.
RCW 19.310.110 Deposit of client funds — Written notice.
*** CHANGE IN 2013 *** (SEE 5082-S.SL) ***
(1) An exchange facilitator must deposit all client funds in:
(a) For accounts with a value of five hundred thousand dollars or more, a separately identified account, as defined in treasury regulation section 1.468B-6(c)(ii), for the particular client or client's matter, and the client must receive all the earnings credited to the separately identified account; or
(b) For accounts with a value less than five hundred thousand dollars, (i) a pooled interest-bearing trust account if the client agrees to pooling in writing; or (ii) if the client does not agree to pooling, in a separately identified account, as defined in treasury regulation section 1.468B-6(c)(ii).
(2) An exchange facilitator must provide the client with written notification of how the exchange proceeds have been invested or deposited.
[2009 c 70 § 12.]
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