Section 12300.5 Of Chapter 4. Licensee Regulations From California Financial Code >> Division 3. >> Chapter 4.
12300.5
. An amount equal to all such funds received by a licensee
shall be separated from the funds of the licensee and deposited in
its trust account not later than the end of the next business day
following receipt by such licensee. All such funds shall thereafter
remain in such trust account and may be used for no purpose other
than paying bills of said persons, or paying checks, drafts, money
orders, or other commercial paper sold by the licensee except as
otherwise provided in Section 12300.6.