OH SB286

Requires real estate brokers to establish and maintain separate interest-bearing trust or special accounts for earnest money deposits connected to residential real estate purchase agreements.

Directs brokers to quarterly pay all interest and dividends earned on earnest money accounts to the Ohio Director of Commerce for deposit into the newly created Ohio foreclosure prevention fund.

Authorizes the Director of Commerce to use foreclosure prevention fund money for state-approved foreclosure prevention programs.

Defines earnest money held by brokers unclaimed for two years as unclaimed funds under Ohio law, requiring reporting and remittance to the state after proper notice.

Modifies existing law to clarify that earnest money accounts are exempt from the noninterest-bearing trust account requirement that applies to other escrow and security deposits held by real estate brokers.