- Perfected -

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, deposited in the general revenue fund. The act also sweeps 55% of the balance in the Department of Insurance dedicated fund and all of the balance of the School Building Revolving fund.

In addition, 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).

JEFF CRAVER