(1) Each licensee shall maintain sufficient books, accounts and records readily accessible to the department for the department to determine at any time the licensee’s financial condition, what duties and responsibilities the licensee has undertaken to perform and whether it is properly performing all such duties, and any other information considered necessary by the director to determine whether the licensee is operating in a safe, competent and lawful manner. The books, records and accounts shall be maintained in accordance with generally accepted accounting principles and sound business practice.
(2)  For each individual escrow account, the licensee shall maintain the escrow agreement and all amendments, all instructions affecting the agreement, all related correspondence, and an individual ledger reflecting all activity pertinent to that account.
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Terms Used In Idaho Code 30-914

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • Department: means the Idaho department of finance. See Idaho Code 30-902
  • Director: means the director of the Idaho department of finance. See Idaho Code 30-902
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Escrow: means any transaction in which any person, for the purpose of effecting the sale, transfer, encumbrance, or lease of real or personal property to another person, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when the instrument, money, evidence of title or thing of value is then to be delivered by the third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor, or any agent or employee of any of the latter, pursuant to written instructions. See Idaho Code 30-902
  • Escrow agency: means any person engaged in the business of accepting or receiving escrows for deposit or delivery by any means, including over the internet, or by any other electronic means. See Idaho Code 30-902
  • Fiduciary: A trustee, executor, or administrator.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Licensee: means a person holding a valid license as an escrow agency under this chapter. See Idaho Code 30-902
  • Property: includes both real and personal property. See Idaho Code 73-114
(3)  Each licensee shall continuously maintain the following general accounts:
(a)  A general ledger reflecting assets, liabilities, income, expenses and equity accounts;
(b)  An escrow liability control ledger for all escrow accounts;
(c)  A cash receipts and disbursements journal; and
(d)  Copies of all receipts and disbursements used as a medium of posting to individual escrow accounts.
(4)  (a) Every licensee shall keep a separate escrow trust fund account established at a financial institution approved by the director, in which shall be kept separate, distinct and apart and segregated from the licensee’s own funds, all funds or moneys of clients which are being held in trust by the licensee pending the closing of an escrow transaction or the full performance of the escrow agreement. All trust funds shall be deposited not later than the first banking day following receipt thereof. Such funds, when deposited, shall be designated as "escrow accounts" or given some other appropriate designation indicating that the funds are not the funds of the licensee.
(b)  Every licensee shall maintain all other assets or property received pursuant to an escrow in accordance with a written escrow agreement in a manner which will reasonably preserve and protect the property from loss, theft or damage, and which will otherwise comply with all duties and responsibilities of a fiduciary or bailee generally.
(5)  The records referenced in this section shall be reconciled at least monthly.
(6)  All records referenced in this section shall be maintained by the licensee for seven (7) years following the close of each account.
(7)  Any interest received on funds deposited with an escrow agency in connection with an escrow must be paid over to the depositing party to the escrow and may not be transferred to an account of the escrow agency. This section shall not limit the right of the escrow agency to contract with the depositing party with respect to the interest received on the deposits by independent agreement.