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Section 5

Auto Brokers

5.5 Trust Account

  1. The broker shall deposit any purchase money/deposits the broker receives into a federally insured trust account until used for the actual purchase.
  2. The broker may collect the interest on the deposits. [V.C. §11737(a-c)]
  3. The broker has a fiduciary responsibility with respect to all purchase money received from, or on behalf of, a consumer.
  4. For further trust account rules, see [V.C. §11737].

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