Bill > HB2473

This bill modifies existing Missouri law regarding how real estate brokers must handle funds belonging to others, specifically by allowing brokers to keep a small amount of their own money, up to one thousand dollars, in their escrow or trust accounts to cover service charges, and also permits them to keep any interest earned on the escrowed funds as long as it's withdrawn within thirty days of receipt. Brokers are required to maintain these funds in separate bank accounts, known as escrow or trust accounts, and promptly deposit them unless all parties agree otherwise in writing, with strict rules against mixing personal funds with client money, except for these specified exceptions. The bill also clarifies that brokers cannot claim their commission or fees until a real estate transaction is completed or terminated, unless all parties agree in writing beforehand, and outlines procedures for handling disputed escrow funds by requiring them to be turned over to the state treasurer after 365 days if the dispute isn't resolved.