Section 36-21A-80 - Handling of money received by broker for principal. - South Dakota Statutes

36-21A-80. Handling of money received by broker for principal. A real estate broker shall remit immediately to the broker's principal all money received by the broker belonging to the principal unless, by the terms of a written employment contract, the broker is authorized to retain possession of the money until the final settlement and consummation of the transaction. In that event the broker shall deposit the money in a federally insured financial institution in a special trust account on the first legal banking day after the acceptance of the contract. The account shall be reconciled at least monthly. The money may not be used by the real estate broker except in connection with the transaction as authorized by the principal.

Source: SL 1992, ch 273, § 80; SL 1996, ch 236, § 6.