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Panel reviews bill to allow brokers to sweep escrow interest above $1,000
Summary
Representative Voss presented House Bill 1211 to allow real estate brokers to sweep monthly interest earnings from escrow accounts when interest exceeds $1,000; committee members suggested noninterest-bearing accounts as an alternative. No vote was taken.
Representative Voss presented House Bill 1211 to the Committee on Financial Institutions, saying the measure would permit real estate brokers to transfer monthly interest earned on client escrow balances if that interest exceeds $1,000, to avoid being out of compliance with current statutes as the sponsor described them.
Voss said the idea "was presented to me by a friend of…
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