Michigan License Law
Under Michigan law, a licensed broker must keep all money received on behalf of principals in a:
ABusiness checking account co-mingled with operating funds
BSeparate, designated trust (escrow) account✓ Correct
CGovernment-insured certificate of deposit
DJoint account with the principal
Explanation
Michigan's Occupational Code mandates that brokers maintain client funds in a separate trust account, never commingled with broker operating funds. Failure to do so is grounds for license revocation.
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