California Requires Use of In State Bank for Cash Payments?
On July 18, 2017 Jerry Brown signed into law AB 1460.
It allows insurance agents to use out of state banks for Premium Trust accounts.
But, it had an interesting twist if the agent received the premium payment in cash.
Here is the quote from this overview article...
"The bill would also require any licensee who receives fiduciary funds as cash to initially maintain those funds in a trust account in a bank or savings and loan association in California, licensed by the State of California or the United States government and insured by the FDIC."
What do you think?
Is this how you are operating your agency?
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