A property manager shall prepare and maintain a receipts and disbursements journal or a check register for each trust account. Tenant security deposits must be maintained as a separate balance in the owner's ledger or in a tenant ledger account. Receipts and disbursements must be posted at least once each month, and all trust accounts must be reconciled at least once each month. Prenumbered receipt documents must be completed for any currency received by the property manager which belongs to a principal.

Source: 18 SDR 101, effective December 17, 1991; transferred from § 20:56:22:37, 20 SDR 18, effective August 16, 1993; 21 SDR 125, effective January 23, 1995; 23 SDR 110, effective January 9, 1997.

General Authority: SDCL 36-21A-89.

Law Implemented: SDCL 36-21A-47 , 36-21A-71.