RCW 18.11.230
Trust account required for client funds.
Auction proceeds due to a client that are received by the auctioneer or auction company and not paid to the client within twenty-four hours of the sale shall be deposited no later than the next business day by the auctioneer or auction company in a trust account for clients in a bank, savings and loan association, mutual savings bank, or licensed escrow agent located in the state. The auctioneer or auction company shall draw on the trust account only to pay proceeds to clients, or such other persons who are legally entitled to such proceeds, and to obtain the sums due to the auctioneer or auction company for services as set out in the written contract required under RCW 18.11.130. Funds in the trust account shall not be subject to the debt of the auctioneer or auction company and shall not be used for personal reasons or other business reasons.
[ 1987 c 336 § 4; 1986 c 324 § 21.]
Structure Revised Code of Washington
Title 18 - Businesses and Professions
18.11.060 - Administration of chapter—Fees.
18.11.070 - License required—Exceptions.
18.11.075 - Secondhand property, when exempt.
18.11.085 - Auctioneer certificate of registration—Requirements.
18.11.095 - Auction company certificate of registration—Requirements.
18.11.100 - Nonresident auctioneers and auction companies.
18.11.121 - Surety bond or security required.
18.11.130 - Written contract required—Penalty.
18.11.140 - Written records required—Penalty.
18.11.150 - Display of certificate of registration or renewal card required—Penalty.
18.11.160 - License—Prohibition on issuance—Disciplinary action—License suspension.
18.11.170 - Unauthorized practice—Penalties.
18.11.180 - Compensation of nonlicensed person—Penalties.
18.11.190 - Actions for compensation for services.
18.11.200 - Director—Authority to adopt rules.
18.11.205 - Director—Authority to impose administrative fines.
18.11.210 - Newspaper advertisements—Name and license number required—Penalty.
18.11.220 - Rights of clients.
18.11.230 - Trust account required for client funds.
18.11.240 - Bidding—Prohibited practices—Penalty.
18.11.250 - Limitation on real estate auctions.
18.11.260 - Application of Consumer Protection Act.
18.11.280 - Uniform regulation of business and professions act.