HI HB723

Requires each activity desk to designate a corporate officer as fiduciary responsible for handling matters when the business terminates with a deficient client trust account or expired/canceled letter of irrevocable credit.

Mandates activity desks notify the Department of Commerce and Consumer Affairs in writing within ten days of designating a fiduciary or changing that designation.

Exempts from regulation any activity desk that does not accept consumer moneys for services other than their own.

Requires activity desks to submit monthly reports to the department detailing monthly sales and ending balances of client trust accounts.

Takes effect on July 1, 2020.