31.16.03.05

.05 Separate Accounts.

A. Trust money which is not required to be deposited into a MAHT account may be deposited into any other deposit or investment vehicle:

(1) Specified by the buyer or beneficial owner; or

(2) Agreed upon by the buyer or beneficial owner and the title insurer or title insurance producer.

B. An agreement referred to in §A of this regulation between a buyer or beneficial owner and a title insurer or title insurance producer shall be in writing and either be:

(1) In a separate agreement; or

(2) If part of another agreement between the parties, in conspicuous type and initialed by the buyer or beneficial owner.