(a) Funds in a separate account.
- (1) An auctioneer/auction house owner shall be required to place any funds belonging to someone else in an account separate from his or her personal or business account.
- (2) This separate account is called an “escrow account” and is required of persons who handle the funds of others, see Arkansas Code § 17-17-308(4).
- (b) Only one (1) escrow account is required, and money from several auctions may be placed in it at one time.
- (c) Interest bearing accounts are not illegal provided that all the parties agree to the disposition of the interest.