Text: SSB02155 Text: SSB02157 Text: SSB02100 - SSB02199 Text: SSB 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 3609SC 76
2 1 mj/sc/14
Text: SSB02155 Text: SSB02157 Text: SSB02100 - SSB02199 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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