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(a) - (b)(No change.)
(c)Trust account requirements.
(1)The trust account must be clearly identified as
a trust account;
(2)The broker may, but is not required to, maintain
separate trust accounts for each client or type of trust money maintained
by the broker, such as earnest money deposits or security deposits
received for the management of rental property.
(3)If trust money held by a broker is deposited in
an interest bearing account:
(A)the money must be available for disbursal at the
appropriate time; and
(B)unless otherwise provided for by an agreement signed
by the party depositing the money with the broker, any interest earned
on the money must be distributed to any parties to whom the money
is disbursed.
(4)A broker may deposit and maintain a reasonable
amount of money in the trust account to cover bank service fees, including
fees charged for insufficient funds. Detailed records must be kept
for any funds deposited under this exception.
(5)If a broker acquires ownership of trust money held
in a trust account, including entitlement to compensation, such money
must be removed from the trust account not later the 30th day after
the date the broker acquires ownership of the money.
(6)The broker must retain a documentary record of
each deposit or withdrawal from the trust account and provide
an accounting to each beneficiary of trust money at least monthly
if there has been any activity in the account.
(7)A broker may only authorize another license holder
to withdraw or transfer money from any trust account but the broker
remains responsible and accountable for all trust money received by
that broker and all deposits to or disbursements from the trust account.
(8)If a broker deposits trust money in the form of
a check in a trust account and the check is dishonored by the financial
institution on which it was drawn, the broker shall immediately notify
all parties to the transaction in writing.
(d)Disbursement of trust money.
(1)A broker may only disburse money from the broker's
trust account in accordance with the agreement under which the money
was received.
(2)If any or all of the parties to a real estate transaction
make a written demand for payment of trust money, the broker
must pay the trust money to the party or parties entitled to the money
within a reasonable time, which the Commission has determined to be
not later than the 30th day after the date the demand is made.
(3)If by a subsequent written agreement, all parties
to a real estate transaction authorize the broker maintaining trust
money to disburse the trust money in a manner not in accordance with
the agreement under which the money was received, the broker must
pay the trust money to the party or parties entitled to the money
under the subsequent written agreement within a reasonable time, which
the Commission has determined to be not later than the 30th day after
the date the broker receives the subsequent written agreement.
(4)The broker must immediately notify all parties
in writing of any disbursement of trust money under subsections
(d)(2) or (3).
(5)If the broker cannot reasonably determine to which
party or parties the trust money should be paid, the broker may pay
the trust money into the registry of a court and interplead the parties.
(e)(No change.)
The agency certifies that legal counsel
has reviewed
the proposal and found it to be within the state agency's legal authority
to adopt.
Filed with the Office
of the Secretary of State on August 20, 2015
TRD-201503264 Kerri Lewis
General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: October 4, 2015
For further information, please call: (512) 936-3092
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