SB 0675 Eliminates certain funds and charges interest against certain other funds
Sponsor:Gross Co-Sponsor(s)
LR Number:1921S.11T Fiscal Note:1921-11
Committee:Ways and Means
Last Action:06/26/03 - Signed by Governor Journal page:
Title:CCS HCS SCS SB 675
Effective Date:August 28, 2003
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Current Bill Summary

CCS/HCS/SCS/SB 675 - This act charges certain funds that are currently immune from the biennium fund sweep (to which most other funds are subjected) with a two year interest charge (July 1, 2001, to June 30, 2003), deposited in the general revenue fund.

The act also transfers a fixed dollar amounts in various state special funds to the General Revenue Fund. These funds and the amounts transferred are: State Fair Fees Fund, $6,000; Petroleum Inspection Fund, $77,617; Department of Revenue Information Fund, $250,000; Secretary of State's Technology Trust Fund, $102,000; and Administrative Trust Fund, $3,500,000

The act creates the Highway Patrol Traffic Records Fund for deposit of funds received by the State Highway Patrol for copying documents and providing data processing services related to traffic accident reports.

The act also sweeps 55% of the balance or $6,015,855, whichever is greater, in the Department of Insurance dedicated fund and all of the balance of the School Building Revolving fund.

In addition, effective January 1, 2004, Real estate brokers holding funds that belong to another party in a real estate transaction must maintain such funds in a separate account designated as an escrow or trust account. Brokers cannot commingle their own personal funds or any other moneys in this account with the exception of $1,000 specifically identified to cover service charges related to the account. If a broker decides not to maintain an escrow account or within 10 days of opening an escrow account, the Commission must be notified. If there is a dispute regarding ownership of escrow moneys, the funds must be deposited with the state treasurer within 180 days of the original deposit. The funds will be held until the dispute is resolved. The act repeals provisions relating to escrow agents (Section 339.105).

The act has an emergency clause