- (a) A property manager must prepare and maintain at least one (1) tenant’s ledger for each unit from whom the property manager has received any funds under a property management agreement, whether or not the tenant has executed a written rental or lease agreement at the time of payment of funds to the property manager.
- (b) All tenant ledgers must contain the tenant’s name and the legal description or physical address of the property sufficient to distinguish that property from other rental units, or a unique series of letters or numbers that establishes an audit trail.
(c) For each deposit of funds, all tenant ledgers must contain the following information:
- (1) The amount of funds received;
- (2) The purpose of the funds and identity of the person who tendered the funds;
- (3) The check number, cash receipt number, or a unique series of letters or numbers that establishes an audit trail to the receipt of funds;
- (4) The date the funds were received; and
- (5) The balance after each recorded entry.
(d) For each disbursement of funds, all tenant ledgers must contain the following information:
- (1) The date the funds were disbursed;
- (2) The amount of funds disbursed;
- (3) The check number or bank-generated electronic tracking number;
- (4) The payee of the disbursement;
- (5) The purpose of the disbursement; and
- (6) The balance after each recorded entry.
- (e) In lieu of an individual tenant ledger, a property manager may prepare and maintain a separate record of the receipt of funds from prospective tenants who do not become tenants after such payment.