No action is necessary. A construction trust account must be established. Continue to item 3. A construction trust account is not required. No action is necessary.
State law places several requirements on a construction trust account.
A contractor who is required to maintain an account must maintain an account record for each project that includes the information listed below. Even if the contractor is working on more than one project, the contractor is only required to establish one construction trust account. The account must be established in a financial institution authorized to do business in the state. A bank, savings association, savings bank, credit union, or savings and loan association may be used. The contractor must indicate the source and amount of the funds in the account and the date the funds were deposited in his or her account records.