§ 54-2043 — INTEREST-BEARING TRUST ACCOUNTS

Idaho § 54-2043

• Jurisdiction: Idaho
• Title 54: PROFESSIONS, VOCATIONS, AND BUSINESSES
• Ch. 20: IDAHO REAL ESTATE LICENSE LAW

Text

The broker may deposit funds in a separate, interest-bearing trust account for a single transaction if directed in writing by both parties to the transaction, and only if the following additional requirements are met:
(1) The interest-bearing trust account must be established in accordance with all requirements in section 54-2042, Idaho Code. However, the interest-bearing trust account shall be created at an approved depository.
(2) The deposit shall be made in the name of the broker, as described above, and each such account shall contain only the funds relating to one (1) transaction.
(3) The interest-bearing trust account, when created for this purpose, must allow for withdrawal of the funds upon the broker’s demand, unless all parties direct the broker in writing to do otherwise.
(4) There must be a written agreement signed by both the buyer and the seller stating who is to receive the interest accrued from the deposit. This agreement is to be retained by the responsible broker in the transaction file with a copy given to the buyer and the seller.

Legislative History

[54-2043, added 2000, ch. 285, sec. 3, p. 934; am. 2005, ch. 107, sec. 14, p. 353.]