Whenever a person licensed under this chapter, or a person required to be licensed under this chapter, has possession of funds belonging to others, including money received by or on behalf of a prospective borrower, the person licensed under this chapter, or required to be licensed under this chapter, shall:

1. (1) upon request of the prospective borrower, account for any funds handled for the prospective borrower;
2. (2) follow any reasonable and lawful instructions from the prospective borrower concerning the prospective borrower's funds; and
3. (3) return any unspent funds of the prospective borrower to the prospective borrower in a timely manner.

As added by P.L.230-2007, SEC.14. Amended by P.L.156-2009, SEC.12.