Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Consumer Protection topic
No spam. Unsubscribe anytime.
House orders bill clarifying broker handling of escrow funds and interest
Summary
HB2473, clarifying that real-estate brokers may keep small personal sums to cover account service charges and may retain interest earned on trust funds if withdrawn within 30 days, was ordered perfected and printed after unanimous committee support was reported on the floor.
The House ordered House Bill 24 73 perfected and printed after the sponsor described it as a consumer-protection and accountability measure for real-estate brokers.
The gentleman from Cape Girardeau explained the current rule prohibits commingling personal funds with client funds but allows a broker to keep $1,000 or less to cover service charges; the bill clarifies that a broker may also retain interest earned on client-account funds provided that the interest withdrawn for broker payment occurs within 30 days of receipt. The sponsor said the bill had broad committee support and was intended to protect consumers and strengthen transparency.
A floor colleague who served on the committee urged support, noting the bill had been voted out unanimously and praised the 30-day withdrawal requirement as an accountability measure. The House adopted the measure by voice vote and ordered it perfected and printed; no roll-call tally was recorded in the transcript.
