2004 Regular Session

SENATE BILL 366

CHAPTER NUMBER: 267 File Code: Business Regulation and Occupations
Sponsored By:
Senator Dyson
Entitled:
Real Estate Brokers - Trust Money - Distribution and Liability

Synopsis:

Requiring a real estate broker to maintain trust money in a specified account until specified actions occur including the failure of the owner or beneficial owner of trust money to complete the real estate transaction for which the trust money was entrusted and the real estate broker, in the broker's sole discretion, decides to distribute the trust money according to provisions of law; and prohibiting a real estate broker from being held civilly liable to the owner or beneficial owner of trust money for specified decisions.

History by Legislative Date

Senate Action
2/4
First Reading Education Health and Environmental Affairs
2/18
Hearing 3/4 at 1:00 p.m.
3/10
Favorable with Amendments Report by Education Health and Environmental Affairs
3/12
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
3/16
Third Reading Passed (47-0)
4/9
Returned Passed
5/11
Signed by the Governor Chapter 267
House Action
3/16
First Reading Economic Matters
3/24
Hearing 3/30 at 1:00 p.m.
4/9
Favorable Report by Economic Matters
4/5
Favorable Report Adopted
Second Reading Passed
4/6
Third Reading Passed (137-0)
Bill indexed under the following Subjects:
AGENTS AND BROKERS
ESCROW ACCOUNTS
LIABILITY -see also- GOOD SAMARITAN
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:
Senate
Number: 204739/01 (PDF)     Offered on: March 12, 2004   at: 11:48 a.m.     Status: Adopted
Roll Call Votes (Legislative dates are shown):
Senate
March 16, 2004: Third Reading Passed (47-0)
House
April 6, 2004: Third Reading Passed (137-0)