Escrow Account Requirement

(1) All principal and public automobile auctioneers shall maintain or have written authorization from a principal or public automobile auctioneer granting access to an escrow or trustee account for all funds that belong to others coming into the auctioneer’s possession as a result of an auction sale. (2) All principal or public automobile auctioneers shall be responsible for all funds deposited into an escrow or trustee account.