<html> <head> <title>Rule 20:69:14:11 Financial obligations and records.</title> <META NAME="Keywords" Content="Administrative Rules 20:69:14:11"> <META NAME="Description" Content="Administrative Rules 20:69:14:11 Financial obligations and records."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>20:69:14:11.&nbsp;&nbsp;Financial obligations and records.</b> A property manager must deposit all security deposits, damage deposits, advance fees, and rental proceeds received in a federally insured financial institution and must make a full accounting to the client. Rental proceeds must be disbursed pursuant to the contract between the property manager and owner. Records related to the receipt, deposit, maintenance, and withdrawal of the funds must be maintained for four years following the termination of a management contract.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 15 SDR 100, effective January 10, 1989; transferred from §&nbsp;20:56:22:36, 20 SDR 18, effective August 16, 1993.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=36-21A-89">36-21A-89.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=36-21A-47">36-21A-47</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=36-21A-80">36-21A-80</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=36-21A-82">36-21A-82.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Cross-References:</b></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of deposit, SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=43-32-6.1">43-32-6.1.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of deposit, SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=43-32-24">43-32-24.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Handling of money, SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=36-21A-88">36-21A-88.</A></p> </div> </body> </html>