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Brokerage Standards Manual

Accounting and Financial Records/Systems

6. General Recordkeeping Requirements

(f) Unclaimed Money

Occasionally, a brokerage may be unable to trace individuals whose money they hold in trust. Typically, the unclaimed amount will result from an accumulation of small deposits.

Section 32 of RESA permits a brokerage to transfer such money to the administrator appointed under the Unclaimed Property Act if the brokerage has made reasonable efforts to locate and notify the person entitled to claim the money and, despite these efforts, the money has remained unclaimed for more than one year.

A brokerage is not, however, required by RESA to pay the unclaimed money to the administrator appointed under the Unclaimed Property Act. If unclaimed monies are not paid under the Unclaimed Property Act, the monies must be kept in the brokerage’s trust account in perpetuity.