DIRECTOR OF THE CO DIVISION OF REAL ESTATE
Marcia Waters, Director of the Colorado Division of Real Estate
Division of Real Estate Broker Notice: Updated List of Trust Account Financial Institutions
All real estate brokers that hold or receive money belonging to others are required to establish accounting control policies and procedures in writing and must hold those funds in one or more accounts separate from other money that belongs to the broker or the brokerage firm.
The licensee must identify the fiduciary nature of each separate Trust or Escrow Account in deposit agreements with the financial institution by the use of the word “trust” or “escrow” and a label identifying the purpose of such account, such as “sales escrow”, “rental escrow”, “security deposit escrow”, or other abbreviated form defined in the deposit agreement.
Division staff regularly receives questions from both new and seasoned brokers about which financial institutions in Colorado offer compliant accounts. The Division maintains a list of financial institutions that have confirmed that they offer trust and escrow accounts, and the list can be found here:
This list may not be exhaustive and is reviewed by Division staff from time to time. If you represent a financial institution and would like the institution to be added to this list, please contact DORA_Division_RealEstate@state.co.us for more information. It is important to understand that this list is not an endorsement of any of these institutions and is provided for informational purposes only.
For additional information, please visit the Division’s Separate Accounts and Accounting webpage.
Marcia Waters has been with the Colorado Division of Real Estate since August 2005.
Ms. Waters started with the Division as a Criminal Investigator for the Real Estate Commission and was promoted to Chief Investigator in 2006. In 2007, she was promoted to the position of Investigations and Compliance Director. In that capacity, she managed the investigatory and settlement programs for the Division. On October 15, 2010, she was promoted to the position of Division Director. The Division of Real Estate licenses and regulates approximately 50,000 real estate professionals. Ms. Waters serves as the administrator for the Real Estate Commission, the Board of Real Estate Appraisers, the Board of Mortgage Loan Originators, and the HOA Information and Resource Center.
Ms. Waters manages the Division’s $6.5 million budget, oversees a staff of approximately 60 full-time employees, and establishes the direction of Division programs based on market and industry trends.