finance
Michigan Earnest Money and Trust Account Rules
Michigan brokers must deposit earnest money and other trust funds within two banking days after learning that all parties have accepted the offer; sales deposits go in a noninterest-bearing demand account naming the broker as trustee. Others' money may never go into a business or personal account. The one exception to commingling: a broker may keep up to $2,000 of the broker's own funds in each trust account to cover bank charges or minimum balances, and it must be recorded. Exceeding the $2,000 allowance is a ground for discipline.
- Exam tip
- The clock starts at acceptance, not at receipt of the check, and counts only banking days.
- Example
- An offer is accepted Thursday afternoon; with Monday a federal holiday, the two banking days are Friday and Tuesday, so the deposit is due by end of Tuesday.
Related terms & state variants
Sources
Source verification pending. Confirm current requirements with your state regulator.
Last verified: 2026-10-23