(1) Every licensee under this act that receives or holds funds belonging to another in connection with the business activities authorized by this act shall, in its own name, establish and maintain a separate trust account for deposit and remittance of such funds in a financial institution, the deposits of which are insured by the federal deposit insurance corporation. A licensee may not, directly or indirectly, misappropriate, misapply or borrow money held in trust.
(2)  Every licensee under this act shall establish and maintain a separate business account for the licensee’s business funds and moneys in a financial institution, the deposits of which are insured by the federal deposit insurance corporation.