[§468L-24]  Maintenance of charter tour
operator accounts.  (a)  Every charter tour operator shall maintain
adequate books and records that provide for a proper accounting of total
qualified charter tour client trust assets and qualified charter tour client
trust liabilities for all charter tours for which funds have been accepted.



(b)  Every charter tour operator shall maintain
in its books and records a charter tour trust liability account for the purpose
of accounting for qualified charter tour client trust liabilities.



(c)  The charter tour trust liability account
shall only be adjusted in the following manner:



(1)  The charter tour trust liability account shall be
reduced by the amount of actual payments made by the charter tour operator for
air transportation, hotel accommodations, baggage handling, or ground
transportation charges with respect to the charter tour operator's current
obligations to provide travel services or to past travel services provided by
the charter tour operator; provided that the charter tour trust liability
account shall not be reduced for any expenditure which constitutes a qualified
prepaid charter tour client trust asset;



(2)  The charter tour trust liability account shall be
reduced by the amount of payments made by the charter tour operator of federal
transportation taxes that are payable as a result of a charter tour and for
commissions payable to third party travel agents; and



(3)  Only after:



(A)  All of the liabilities described in
paragraphs (1) and (2) with respect to a specific charter tour have been
satisfied through payment;



(B)  The obligation to provide travel services
has been fully provided; and



(C)  The travel has been completed;



then and only then, may any funds remaining in the
charter tour client trust account relating to the specific charter tour be
withdrawn from the charter tour client trust account and deposited into the
general accounts of the charter tour operator, and the charter tour trust
liability account shall be reduced by the amount so withdrawn from the charter
tour client trust account. [L 1999, c 258, pt of §3]