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Will I be required to maintain a trust account to process funds through to pay third parties (referrers) and credit representatives or receive commissions from lenders on my aggregators Lending Panel?

April 26, 2017account credit funds maintain Parties pay process referrers Trust

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Will I be required to maintain a trust account to process funds through to pay third parties (referrers) and credit representatives or receive commissions from lenders on my aggregators Lending Panel?

1 Answer

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A licensee must maintain a trust account if they hold money on behalf of another.