Effective - 28 Aug 2004
339.105. Separate bank escrow accounts required — service charges for account may be made by personal deposit by broker, amount allowed. — 1. Each broker who holds funds belonging to another shall maintain such funds in a separate bank account in a financial institution which shall be designated an escrow or trust account. This requirement includes funds in which he or she may have some future interest or claim. Such funds shall be deposited promptly unless all parties having an interest in the funds have agreed otherwise in writing. No broker shall commingle his or her personal funds or other funds in this account with the exception that a broker may deposit and keep a sum not to exceed one thousand dollars in the account from his or her personal funds, which sum shall be specifically identified and deposited to cover service charges related to the account.
2. Each broker shall notify the commission of his or her intent not to maintain an escrow account, or the name of the financial institution in which each escrow or trust account is maintained, the name and number of each such account, and shall file written authorization directed to each financial institution to allow the commission or its authorized representative to examine each such account; such notification and authorization shall be submitted on forms provided therefor by the commission. A broker shall notify the commission within ten business days of any change of his or her intent to maintain an escrow account, the financial institution, account numbers, or change in account status.
3. In conjunction with each escrow or trust account a broker shall maintain books, records, contracts and other necessary documents so that the adequacy of said account may be determined at any time. The account and other records shall be provided to the commission and its duly authorized agents for inspection at all times during regular business hours at the broker's usual place of business.
4. Whenever the ownership of any escrow moneys received by a broker pursuant to this section is in dispute by the parties to a real estate sales transaction, the broker shall report and deliver the moneys to the state treasurer within three hundred sixty-five days of the date of the initial projected closing date in compliance with sections 447.500 to 447.595. The parties to a real estate sales transaction may agree in writing that the funds are not in dispute and shall notify the broker who is holding the funds.
5. A broker shall not be entitled to any money or other money paid to him or her in connection with any real estate sales transaction as part or all of his or her commission or fee until the transaction has been consummated or terminated, unless agreed in writing by all parties to the transaction.
6. When, through investigations or otherwise, the commission has reasonable cause to believe that a licensee has acted, is acting or is about to act in violation of this section, the commission may, through the attorney general or any assistants designated by the attorney general, proceed in the name of the commission to institute suit to enjoin any act or acts in violation of this section.
7. Any such suit shall be commenced in either the county in which the defendant resides or in the county in which the defendant has acted, is acting or is about to act in violation of this section.
8. In such proceeding, the court shall have power to issue such temporary restraining or injunction orders, without bond, which are necessary to protect the public interest. Any action brought under this section shall be in addition to and not in lieu of any other provisions of this chapter. In such action, the commission or the state need not allege or prove that there is no adequate remedy at law or that any individual has suffered any economic injury as a result of the activity sought to be enjoined.
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(L. 1978 S.B. 811, A.L. 1981 S.B. 16, A.L. 1986 H.B. 1511, A.L. 1987 S.B. 175, A.L. 2003 H.B. 600 merged with S.B. 675, A.L. 2004 H.B. 985)
Structure Missouri Revised Statutes
Title XXII - Occupations and Professions
Chapter 339 - Real Estate Agents, Brokers, Appraisers and Escrow Agents
Section 339.010 - Definitions — inapplicability of chapter.
Section 339.020 - Brokers and salespersons, unlawful to act without license.
Section 339.030 - Business entities may be licensed, when, fee.
Section 339.045 - Real estate schools — accreditation — registration — fee, how determined.
Section 339.050 - Form of application.
Section 339.060 - Fees, amount, set how — term of licenses.
Section 339.080 - Denial of application or license, when, notice — hearing.
Section 339.090 - License of nonresident — fee — reciprocity — rulemaking authority.
Section 339.110 - Refusal of licenses, when.
Section 339.125 - Rulemaking procedure.
Section 339.130 - Legal status of commission.
Section 339.170 - Penalty for violation.
Section 339.190 - Real estate licensee, immunity from liability, when.
Section 339.200 - Prohibited acts — investigation may be initiated, when, procedure.
Section 339.500 - Citation of law.
Section 339.501 - Licensure or certification of real estate appraisers required, exceptions.
Section 339.503 - Definitions.
Section 339.509 - Commission, powers and duties.
Section 339.517 - Examination required, when — rules authorized, invalid, when.
Section 339.529 - Addresses and changes of addresses, procedure — duties of notification.
Section 339.531 - Complaint procedure — effective date.
Section 339.533 - Authority of commission, oaths and subpoenas.
Section 339.535 - Compliance with uniform standards required.
Section 339.544 - Rulemaking authority.
Section 339.545 - Commission to issue certificates and licenses.
Section 339.546 - Violations of law — criminal penalties.
Section 339.549 - Violation of law — civil penalties — injunctions, venue.
Section 339.710 - Definitions.
Section 339.755 - Duties and obligations of transaction broker.
Section 339.760 - Written agreement, adoption by designated broker, scope.
Section 339.790 - Commencement of agreement, when — duties after termination of agreement.
Section 339.840 - Supersession of agency law, no limitation of civil actions.
Section 339.845 - Notice of delinquent taxes to be sent by commission.
Section 339.850 - Rules and regulations, promulgation, authority.