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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-22-106, 1991

Escrow agents must keep specified books, accounts, and records at their main office, maintain them under GAAP and good business practice, reconcile records at least monthly, and retain certain account records for six…

Source excerpt

accountingaccounting complianceescrow accountingescrow operationsescrow recordkeepinginspectionrecordkeepingrecords retention
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 1991
Dates
Enacted 1991
More statute details
Dates
Enacted 1991
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01

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“Escrow agents must keep specified books, accounts, and records at their main office, maintain them under GAAP and good business practice, reconcile records at least monthly, and retain certain account records for six years.”

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02

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  1. 01

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    Enacted 1991. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Subsection 7-22-106(2)

For each individual escrow account, the escrow agent must keep the escrow agreement, amendments, instructions affecting it, related correspondence, and an individual ledger of account activity.

Section 7-22-106(2)

Subsection 7-22-106(3)(d)

copies of all receipts and disbursements used as a medium of posting to individual escrow accounts.

Section 7-22-106(3)(d)

04

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In force source record

Source record from le.utah.gov · Enacted 1991

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Showing 10 of 10 provisions

Provision 10
§ 7-22-106Accounts to be maintained -- Records open to inspection -- Retention of records.Provision

Source excerpt

Escrow agents must keep specified books, accounts, and records at their main office, maintain them under GAAP and good business practice, reconcile records at least monthly, and retain certain account records for six years.

Accounts to be maintained -- Records open to inspection -- Retention of records. Each escrow agent shall maintain in its main office sufficient books, accounts, and records for the department to determine at any time the escrow agent's financial condition, what duties and responsibilities the escrow agent has undertaken to perform and whether it is properly performing all such duties, and any other information considered necessary to determine whether the escrow agent is operating in a safe, competent, and lawful manner. The books, accounts, and records shall be maintained in accordance with generally accepted accounting principles and good business practice. For each individual escrow account, the escrow agent 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. Each escrow agent shall continuously maintain the following general accounts: a general ledger reflecting assets, liabilities, income, expense, and equity accounts; an escrow liability control ledger for all escrow accounts; a cash receipts and disbursements journal; and copies of all receipts and disbursements used as a medium of posting to individual escrow accounts. The records referred to in this section shall be reconciled at least monthly. All records pertaining to individual escrow accounts in Subsection (2) shall be maintained by the escrow agent for six years following the close of each account. All records relating to general accounts required in Subsection (3) shall be maintained for six years after the end of the fiscal year to which they relate.
Section 7-22-106Verify source
§ 7-22-106(1)Subsection 7-22-106(1)Provision

Source excerpt

Each escrow agent must keep sufficient books, accounts, and records at its main office, and maintain them according to generally accepted accounting principles and good business practice.

Each escrow agent shall maintain in its main office sufficient books, accounts, and records for the department to determine at any time the escrow agent's financial condition, what duties and responsibilities the escrow agent has undertaken to perform and whether it is properly performing all such duties, and any other information considered necessary to determine whether the escrow agent is operating in a safe, competent, and lawful manner. The books, accounts, and records shall be maintained in accordance with generally accepted accounting principles and good business practice.
Section 7-22-106(1)Verify source
§ 7-22-106(2)Subsection 7-22-106(2)Provision

Source excerpt

For each individual escrow account, the escrow agent must keep the escrow agreement, amendments, instructions affecting it, related correspondence, and an individual ledger of account activity.

For each individual escrow account, the escrow agent 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.
Section 7-22-106(2)Verify source
§ 7-22-106(3)Subsection 7-22-106(3)Provision

Source excerpt

Each escrow agent must continuously keep specified general accounts and records, including a general ledger, an escrow liability control ledger, a cash receipts and disbursements journal, and copies of receipts and disbursements used for posting to individual escrow accounts.

Each escrow agent shall continuously maintain the following general accounts: a general ledger reflecting assets, liabilities, income, expense, and equity accounts; an escrow liability control ledger for all escrow accounts; a cash receipts and disbursements journal; and copies of all receipts and disbursements used as a medium of posting to individual escrow accounts.
Section 7-22-106(3)Verify source
§ 7-22-106(3)(a)Subsection 7-22-106(3)(a)Provision

Source excerpt

a general ledger reflecting assets, liabilities, income, expense, and equity accounts;

a general ledger reflecting assets, liabilities, income, expense, and equity accounts;
Section 7-22-106(3)(a)Verify source
§ 7-22-106(3)(b)Subsection 7-22-106(3)(b)Provision

Source excerpt

An escrow liability control ledger is required for all escrow accounts.

an escrow liability control ledger for all escrow accounts;
Section 7-22-106(3)(b)Verify source
§ 7-22-106(3)(c)Subsection 7-22-106(3)(c)Provision

Source excerpt

a cash receipts and disbursements journal; and

a cash receipts and disbursements journal; and
Section 7-22-106(3)(c)Verify source
§ 7-22-106(3)(d)Subsection 7-22-106(3)(d)Provision

Source excerpt

copies of all receipts and disbursements used as a medium of posting to individual escrow accounts.

copies of all receipts and disbursements used as a medium of posting to individual escrow accounts.
Section 7-22-106(3)(d)Verify source
§ 7-22-106(4)Subsection 7-22-106(4)Provision

Source excerpt

The records referred to in this section shall be reconciled at least monthly.

The records referred to in this section shall be reconciled at least monthly.
Section 7-22-106(4)Verify source
§ 7-22-106(5)Subsection 7-22-106(5)Provision

Source excerpt

The escrow agent must keep certain escrow records for six years.

All records pertaining to individual escrow accounts in Subsection (2) shall be maintained by the escrow agent for six years following the close of each account. All records relating to general accounts required in Subsection (3) shall be maintained for six years after the end of the fiscal year to which they relate.
Section 7-22-106(5)Verify source

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