HI HB238

Principal brokers must file the client trust account number and the name of the financial institution holding the account with the real estate commission at registration and renewal.

Principal brokers must notify the real estate commission of any changes to the trust account number or location within ten days of the change.

The real estate commission is authorized to file actions in circuit court to obtain injunctions or other orders necessary to enforce laws and rules relating to client trust accounts.

The bill applies to all principal brokers' existing responsibilities for client trust accounts, disbursements, brokerage firm accounting practices, records, contracts, and associated licensee conduct.