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|REMINDER: Deposit Checks on Sales/Lease Transactions|
It has been brought to the attention of the Commission that an increasing number of salespersons are accepting deposit checks on sales/lease transactions and are not promptly depositing those checks into their broker’s special account.
N.J.A.C. 11:5-5.1 requires that licensees who have received deposit money, deposit those funds within 5 days of their receipt. Failure to do so will subject the licensee to sanctions.
If during the 5 business days an offer is withdrawn prior to acceptance or is rejected with no counteroffer, however, the licensee may return the funds in the same form in which they were received, if requested by the offerer.
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State of New Jersey
New Jersey Department of Banking and Insurance