HB 1211 Missouri House · 2025 Regular Session

Modifies provisions relating to separate bank escrow accounts maintained by brokers

HB 1211 requires real estate brokers to keep client funds in separate escrow accounts, not mixed with their personal money. Brokers may hold up to $1,000 of their own funds in the account for service charges (with strict limits), must report account details to regulators, and maintain full records for inspection. If funds are disputed in a real estate transaction, brokers must transfer them to the state treasurer within 365 days. The bill directly affects real estate brokers handling client payments, ensuring funds are safeguarded and accessible for oversight.

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2025

Committee Review

Floor Vote

Governor

Introduced Feb 6, 2025 Last action Apr 23, 2025

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What changed between versions

Introduced → House Committee Substitute · 3 edits

MINOR

The bill was amended to remove language allowing brokers to keep up to $1,000 of personal funds in escrow accounts for service charges, while clarifying that interest earned on escrow funds may be retained by the broker if withdrawn within 30 days. The amendment also added requirements for brokers to submit notifications and authorizations on commission-provided forms, and to notify the commission within ten business days of changes to escrow account arrangements.

REQUIREMENT

Deleted exception allowing brokers to deposit up to $1,000 of personal funds in escrow accounts to cover service charges.

Added requirement that brokers must keep any interest accrued on escrow funds if withdrawn within 30 days of receipt.

Changed escrow account notification process to require submission of forms provided by the commission and notification within ten business days of changes.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Apr 23, 2025

Committee

Referred: Rules - Administrative(H)

lower

Apr 3, 2025

Lower · Passed

HCS Reported Do Pass (H) - AYES: 13 NOES: 0 PRESENT: 0

lower

Apr 2, 2025

Lower · Passed

HCS Voted Do Pass (H)

lower

Mar 19, 2025

Committee

Referred: Financial Institutions(H)

lower

Feb 6, 2025

Introduced

Introduced and Read First Time (H)

lower

1 primary · 0 co-sponsors