S.D. Admin. R. 20:69:14:11
Current through Register Vol. 51, page 67, December 16, 2024
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.
S.D. Admin. R. 20:69:14:11
General Authority: SDCL 36-21A-89.
Law Implemented: SDCL 36-21A-47, 36-21A-80, 36-21A-82.
Amount of deposit, SDCL 43-32-6.1. Return of deposit, SDCL 43-32-24. Handling of money, SDCL 36-21A-88.