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Office of the Revisor of Statutes

2795.1300 RECEIPT OF CLIENT FUNDS.

An agent who receives funds from a client in connection with an insurance transaction receives and holds those funds in a fiduciary capacity.

An agent holding funds of a client must, each month, provide to the client an itemized statement showing the amount of money held.

Statutory Authority:

MS s 60A.17

History:

9 SR 175

Published Electronically:

September 14, 2007