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OH SB43
Bill
Status
2/1/2011
Primary Sponsor
Eric Kearney
Click for details
AI Summary
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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.
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Directs brokers to pay interest and dividends earned on earnest money accounts quarterly to the director of commerce, who deposits funds into the newly created Ohio foreclosure prevention fund.
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Authorizes the director of commerce to use money from the foreclosure prevention fund for state-approved foreclosure prevention programs.
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Designates earnest money held unclaimed for two years as unclaimed funds under Ohio law, with specific procedures for broker reporting and remittance to the state.
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Allows the director of commerce to adopt rules implementing the earnest money account requirements and fund management procedures.
Legislative Description
To require earnest money for the purchase of residential real estate to be deposited in an interest-bearing account to be used to fund foreclosure prevention programs.
Foreclosure prevention-deposit earnest money-interest on deposit to fund
Last Action
To Financial Institutions
2/1/2011