Amends Michigan real estate broker conduct rules, including escrow account management and prohibited activities.

Michigan HB5227 modifies real estate broker conduct rules, specifying that brokers must deposit funds into a separate custodial trust or escrow account if a purchase agreement designates an escrowee other than the broker. Brokers must deliver deposits to the named escrowee within two banking days of receiving notice of an accepted offer. The bill also outlines prohibited activities, such as acting for more than one party without their knowledge, failing to provide written agency disclosures, and commingling funds.

Amends Michigan real estate broker conduct rules, including escrow account management and prohibited activities.

Michigan HB5227 modifies real estate broker conduct rules, specifying that brokers must deposit funds into a separate custodial trust or escrow account if a purchase agreement designates an escrowee other than the broker. Brokers must deliver deposits to the named escrowee within two banking days of receiving notice of an accepted offer. The bill also outlines prohibited activities, such as acting for more than one party without their knowledge, failing to provide written agency disclosures, and commingling funds.