LD 1525
pg. 2
Page 1 of 14 An Act To Amend the Real Estate Brokerage Laws Page 3 of 14
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LR 2133
Item 1

 
Every agency shall maintain a trust federally insured account
or accounts in a banking institution located in the financial
institution authorized to do business in this State, as defined
in Title 9-B, section 131, subsection 17-A, or a credit union
authorized to do business in this State, as defined in Title 9-B,
section 131, subsection 12-A, for the sole purpose of depositing
all earnest money deposits and all other money held by it as an
agency in which its clients or other persons with whom it is
dealing have an interest. The trust account and withdrawal
orders, including all checks drawn on the account, shall must
name the subject agency and be identified as a real estate trust
account. Real estate trust accounts shall must be free from
trustee process, except by those persons for whom the brokerage
agency has made the deposits and then only to the extent of the
interest. The designated broker, except for an amount necessary
to maintain the accounts not to exceed an amount prescribed by
commission rule, shall withdraw from the accounts all fees due
within 30 days after, but not until consummation or termination
of the transaction when the designated broker makes or causes to
be made a full accounting to his the broker's principal. The
designated broker shall maintain, at the agency's place of
business, contracts and other necessary records to verify the
adequacy and proper use of the accounts trust accounts and
supporting records in a manner prescribed by commission rule.
These accounts and records shall must be opened open for
inspection by the director or his the director's authorized
representative at the agency's place of business during generally
recognized business hours. Upon order of the director, the
designated broker shall authorize the director in writing to
confirm the balance of funds held in all agency trust accounts.
Rules adopted pursuant to this section are routine technical
rules as defined in Title 5, chapter 375, subchapter 2-A.

 
Sec. 5. 32 MRSA §13184 is enacted to read:

 
§13184.__Real estate brokerage records; retention

 
A designated broker shall maintain complete and adequate
records of all real estate brokerage activity conducted on behalf
of the broker's agency.__The commission shall specify by rule the
records required to establish complete and adequate records,
including retention schedules.__The records must be open for
inspection by the director or the director's authorized
representative at the agency's place of business during generally
recognized business hours.

 
Sec. 6. 32 MRSA c. 114, sub-c. 7, as amended, is further amended by
repealing the subchapter headnote and enacting the following in
its place:


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