law

Trust Fund Account (West Virginia)

A West Virginia broker who holds money for others must keep a federally insured trust fund account, unless all funds are delivered immediately to the principal or a neutral escrow depository. Salespersons hand funds to the broker by the next business day, and the broker deposits by the next business day unless the contract provides otherwise. The broker may keep up to $100 of personal funds in it, must notify the Commission within 10 days of opening or changing it, and keeps records five years.