HI HB723

Requires each activity desk to designate a corporate officer as fiduciary to handle matters when the desk terminates business with a deficient client trust account or expired/canceled letter of irrevocable credit, with written notification to the department within ten days of any designation or change.

Exempts from activity desk regulations any hotel, air carrier as defined by the Federal Aviation Act of 1958, or activity desk that does not accept consumer moneys for services other than their own.

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

Requires activity desks to maintain bank statements, deposit slips, canceled checks, drafts, and wire or electronic transaction documents related to client trust accounts for at least two years.

Takes effect July 1, 2020.