Bill > HB1211

This bill modifies regulations for how real estate brokers must handle escrow accounts, establishing clearer rules for managing client funds. The bill requires brokers to maintain separate bank accounts designated as escrow or trust accounts for funds belonging to others, including funds in which the broker may have a future interest. Brokers are now allowed to deposit up to $1,000 of their personal funds to cover account service charges and can keep any interest accrued on the account, provided the interest is withdrawn within 30 days of receipt. The bill mandates that brokers notify the commission about their escrow account details, including the financial institution and account numbers, and must report any changes within ten business days. Brokers must maintain detailed records to demonstrate the account's adequacy and must be prepared to provide these records for inspection. If funds are in dispute during a real estate transaction, brokers must report and deliver the money to the state treasurer within 365 days of the initial projected closing date. The bill also gives the commission authority to seek injunctions against brokers who may be violating these regulations, with courts empowered to issue restraining orders to protect the public interest.

Business and Industry, Government Affairs

https://house.mo.gov/Bill.aspx?bill=HB1211&year=2025&code=R