§ 62-13-323 — Escrow account - Waiver

(a) The principal broker of a real estate firm that does not engage in activities that require the acceptance of any funds belonging to others may receive from the Tennessee real estate commission a waiver from § 62-13-321 . (b) Upon receipt of a waiver by the Tennessee real estate commission pursuant to subsection (a), a principal broker may close the real estate firm's escrow account. (c) The principal broker of a real estate firm authorized pursuant to this section to operate without an escrow account may accept funds belonging to others subject to the following: (1) The principal broker shall open an escrow account within one (1) business day of accepting the deposit and deposit the funds into the newly opened escrow account on the same day; and (2) The principal broker shall notify the Tennessee real estate commission within one (1) business day after opening a new escrow account and shall provide the following information: (A) The name and address of the bank where the new escrow account was opened; (B) The name of the new escrow account; and (C) The account identification number of the new escrow account. (d) A principal broker who opens an escrow account pursuant to subsection (c) shall acknowledge responsibility to operate under all the requirements of § 62-13-321 . (e) No principal broker may obtain a waiver pursuant to subsection (a) for the same real estate firm more than once each license renewal period.

Legislative History

Acts 2002, ch. 553, § 1.