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Committee adopts amendment clarifying brokers may retain interest on entire escrow balance, extends transfer window
Summary
The Committee on Financial Institutions voted 13-0 to pass the House Committee substitute for House Bill 1211 after adopting an amendment that clarifies brokers may retain interest earned on the entire escrow account and extends the required transfer window from 10 to 30 days.
The Committee on Financial Institutions voted 13-0 to pass the House Committee substitute for House Bill 1211 after adopting a committee amendment that clarifies how interest earned on escrow accounts is handled and lengthens the time a broker may retain that interest.
Representative Voss, who offered the amendment, said the change is meant to clarify that “it is the interest on the entirety of the account and not just on the brokers up $2,000 of personal…
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