Limits broker deposits to $500 in trust fund accounts for real estate transactions.

West Virginia HB4492 amends the West Virginia Real Estate License Act to limit the maximum amount a broker can deposit in a trust fund account to $500. This account must be maintained at a federally insured financial institution and cannot earn interest. Brokers must keep detailed records of all transactions and notify the Real Estate Commission of any changes to the account. The bill also mandates that brokers maintain complete control over these accounts, with only one additional licensed member authorized to disburse funds.

Limits broker deposits to $500 in trust fund accounts for real estate transactions.

West Virginia HB4492 amends the West Virginia Real Estate License Act to limit the maximum amount a broker can deposit in a trust fund account to $500. This account must be maintained at a federally insured financial institution and cannot earn interest. Brokers must keep detailed records of all transactions and notify the Real Estate Commission of any changes to the account. The bill also mandates that brokers maintain complete control over these accounts, with only one additional licensed member authorized to disburse funds.