The division of real estate shall adopt rules for the regulation of manufactured housing brokers in accordance with Chapter 119 of the Revised Code. The rules shall require that a manufactured housing broker maintain a bond of a surety company authorized to transact business in this state in an amount determined by the division of real estate. The rules also shall require each person licensed as a manufactured housing broker to maintain at all times a special or trust bank account that is noninterest-bearing, is separate and distinct from any personal or other account of the broker, and into which shall be deposited and maintained all escrow funds, security deposits, and other moneys received by the broker in a fiduciary capacity. In a form determined by the division, a manufactured housing broker shall submit written proof to the division of the continued maintenance of the special or trust account. A depository where special or trust accounts are maintained in accordance with this section shall be located in this state.

Terms Used In Ohio Code 4781.25

  • Bond: includes an undertaking. See Ohio Code 1.02
  • Business: includes any activities engaged in by any person for the object of gain, benefit, or advantage either direct or indirect. See Ohio Code 4781.01
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Fiduciary: A trustee, executor, or administrator.
  • Manufactured housing: means manufactured homes and mobile homes. See Ohio Code 4781.01
  • Manufactured housing broker: means any person acting as a selling agent on behalf of an owner of a manufactured home or mobile home that is subject to taxation under section 4503. See Ohio Code 4781.01
  • Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
  • state: means the state of Ohio. See Ohio Code 1.59
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC

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