2001 Regular Session

HOUSE BILL 83

CHAPTER NUMBER: 42 File Code: Business Regulation and Occupations
Sponsored By:
Chairman, Economic Matters Committee (Departmental - Labor, Licensing and Regulation)
Entitled:
Real Estate Transactions - Distribution of Trust Money

Synopsis:

Allowing a real estate broker to release trust money when the real estate transaction is not completed by the owner or beneficial owner of the trust money; requiring that this statement be included in an agreement under which a broker may distribute the trust money; requiring the broker to notify specified parties before releasing trust money; specifying the contents and method of delivery of the notice; allowing a person receiving notice to protest the release; and providing immunity for a broker acting in good faith.

History by Legislative Date

House Action
10/26
Pre-filed
1/10
First Reading Economic Matters
1/11
Hearing 1/18 at 1:00 p.m.
2/19
Favorable with Amendments Report by Economic Matters
2/20
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
2/23
Third Reading Passed (137-0)
3/25
Returned Passed
4/10
Signed by the Governor Chapter 42
Senate Action
2/26
First Reading Economic and Environmental Affairs
3/7
Hearing 3/20 at 1:00 p.m.
3/27
Favorable Report by Economic and Environmental Affairs
3/28
Favorable Report Adopted
Second Reading Passed
3/29
Third Reading Passed (45-0)
Sponsored by:
Chairman, Econ. Matters Comm.
Departmental
Bill indexed under the following Subjects:
AGENTS AND BROKERS
CONSUMER PROTECTION -see also- UNFAIR TRADE PRACTICES
CONTRACTS -see also- LAND INSTALLMENT CONTRACTS; PROCUREMENT
DISCLOSURE
NOTICES
REAL ESTATE -see also- AGENTS AND BROKERS
Bill affects the following Statute:
Business Occupations and Professions
( 17-505 )

Documents:

Bill Text: First Reading (PDF), Third Reading (PDF), Enrolled
Fiscal Note: Available (PDF)
Amendments:
House
Number: 293499/1 (PDF)     Offered on: February 20, 2001   at: 10:17 a.m.     Status: Adopted
Roll Call Votes (Legislative dates are shown):
House
February 23, 2001: Third Reading Passed (137-0)
Senate
March 29, 2001: Third Reading Passed (45-0)