MS SB2847

Authorizes interest earned on real estate broker escrow accounts to be paid to chairs of real estate at Mississippi universities, local affiliates of Habitat for Humanity International, Inc., or local affiliates of Fuller Center for Housing, Inc.

Applies to the IREBEA (Interest on Real Estate Broker Escrow Accounts) program, which is voluntary for real estate brokers and covers client funds that are nominal in amount or held for short periods of time.

Requires brokers participating in IREBEA to select in writing which beneficiary (chair of real estate, Habitat for Humanity local affiliate, or Fuller Center for Housing local affiliate) receives interest earnings, with earnings paid at least quarterly and not divided among multiple beneficiaries.

Establishes that brokers cannot retain IREBEA interest earnings, and notification to clients is unnecessary for brokers participating in the program, accomplished through written notification to financial institutions.

Requires the Mississippi Real Estate Commission to adopt rules to implement these provisions.