Modifies provisions relating to separate bank escrow accounts maintained by brokers

Summary

The bill requires brokers to hold any escrow or trust funds in a dedicated bank account, prohibiting mixing with personal money except a small allowance for service fees. Brokers must notify the state real‑estate commission of their account details, keep records for inspection, and cannot receive their commission until a sale is completed unless all parties agree. If escrow funds become disputed, the broker must turn them over to the state treasurer within a year.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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