Legal Question in Business Law in Illinois
Trust Account
To attain a collection license the application stipulates that I must ''maintain a Trust Account at all times even if no
collection activity is currently taking place''. What does this mean/entail?
Thanks.
Asked on 9/27/08, 4:53 pm
1 Answer from Attorneys
Re: Trust Account
This means that you must keep a bank account open at all times fopr the benefit of potential clients. You are not allowed to use this account for your p[ersonal or business expenses. Rather it is a depository for moneys that you receive on behalf of your clients.
Answered on 9/28/08, 7:44 am
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