New Jersey § 45:15-12
Full text of New Jersey New Jersey Statutes § 45:15-12, with citation guidance and answers to common questions.
§ 45:15-12.
a. Every individual, partnership or corporation licensed as a real estate broker shall
maintain in a State or federally chartered bank, savings bank, savings and loan association
or other depository institution physically located and authorized to transact business
in this State and approved by the commission a special account into which the broker
shall deposit and maintain all monies received while acting in the capacity of a real
estate broker, or as escrow agent, or as the temporary custodian of funds of others
in real estate transactions in this State. The account shall be maintained in the name in which the individual, partnership
or corporation is licensed to do business as a broker and shall be designated as either
the broker's “trust account” or “escrow account” and shall be maintained separate
and apart from all other personal and business accounts. All checks and deposit slips produced as a result of the establishment of the account
shall contain the words “trust account” or “escrow account.” The provisions of this subsection shall not apply to an individual licensed as a broker-salesperson. b. A real estate broker may establish a special interest bearing escrow account under
the broker's control in a depository institution approved by the commission for the
deposit of monies from a specific transaction provided the account is clearly identified
as pertaining to that transaction. Such accounts shall be maintained separate and apart from all other escrow, business
and personal funds.
Frequently Asked Questions About New Jersey § 45:15-12
What does New Jersey Statutes § 45:15-12 cover?
Section 45:15-12 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 45:15-12?
A common citation format is "New Jersey Statutes § 45:15-12" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 45:15-12 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.