Text: HF02126 Text: HF02128 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 543B.46, subsection 3, Code Supplement 1 2 1995, is amended to read as follows: 1 3 3. Each broker shall authorize the real estate commission 1 4 to examine each trust account and shall obtain the 1 5 certification of the bank or savings and loan association 1 6 attesting to each trust account and consenting to the 1 7 examination and audit of each account by a duly authorized 1 8 representative of the commission. The certification and 1 9 consent shall be furnished on forms prescribed by the 1 10 commission. This does not apply to an individual farm account 1 11 maintained in the name of the owner or owners for the purpose 1 12 of conducting ongoing farm business whether it is conducted by 1 13 the farm owner or by an agent or farm manager when the account 1 14 is part of a farm management agreement between the owner and 1 15 agent or manager. This section also does not apply to an 1 16 individual property management account maintained in the name 1 17 of the owner or owners for the purpose of conducting ongoing 1 18 property management whether it is conducted by the property 1 19 owner or by an agent or manager when the account is part of a 1 20 property management agreement between the owner and agent or 1 21 manager. 1 22 EXPLANATION 1 23 This bill exempts an individual property management 1 24 account, which is maintained in the name of the owner or 1 25 owners and used for conducting ongoing property management, 1 26 from the requirement that each real estate broker authorize 1 27 the real estate commission to examine each trust account 1 28 maintained by the broker and obtain the certification of the 1 29 financial institution attesting to the trust account and 1 30 consenting to the examination. The exemption applies to these 1 31 accounts whether the property management is conducted by the 1 32 property owner or an agent or manager and when the account is 1 33 part of a property management agreement between the property 1 34 owner and the agent or manager. 1 35 LSB 3609HH 76 2 1 mj/sc/14
Text: HF02126 Text: HF02128 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
© 1996 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.iowa.gov.
Last update: Tue Apr 9 13:32:42 CDT 1996
URL: /DOCS/GA/76GA/Legislation/HF/02100/HF02127/960131.html
jhf