Modifies rules for separate bank escrow accounts maintained by real estate brokers in Missouri.
The bill modifies provisions for separate bank escrow accounts maintained by real estate brokers in Missouri. It requires brokers to maintain funds in a separate bank account unless all parties agree otherwise in writing. Brokers can keep up to $1,000 in their personal funds in the account to cover service charges. The bill also allows brokers to keep interest accrued on the funds, provided it is withdrawn within 30 days. Brokers must report and deliver funds to the state treasurer within a year of the initial projected closing date.
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