§ 143-143.52. Minimum requirements for dealer records for escrow or trust accounts at banks. - North Carolina Statutes

§ 143‑143.52.  Minimumrequirements for dealer records for escrow or trust accounts at banks.

The records required forescrow or trust accounts maintained at a bank shall consist of the followingand be maintained for a period of five years from the date of purchase:

(1)        All bank receipts ordeposit slips listing the source and date of receipt of all funds deposited inthe account and the name of the buyer to whom the funds belong.

(2)        All cancelled checksor other instruments drawn on the account, or printed digital images thereoffurnished by the bank, showing the amount, date, and recipient of thedisbursement.

(3)        All instructions orauthorizations to transfer, disburse, or withdraw funds from the escrow ortrust account.

(4)        All bank statementsand other documents received from the bank with respect to the escrow or trustaccount, including notices of return or dishonor of any instrument drawn on theaccount against insufficient funds.

(5)        A ledger containinga record of receipts and disbursements for each buyer from whom and for whomfunds are received and showing the current balance of funds held in the escrowor trust account for each buyer. (2005‑451, s. 6.)