Sec. 8-265f. Program for use of interest earned on real estate broker escrow or trust accounts for mortgage assistance.
Sec. 8-265f. Program for use of interest earned on real estate broker escrow
or trust accounts for mortgage assistance. (a) A program for the use of interest earned
on real estate broker escrow or trust accounts is hereby established. Each real estate
broker having an escrow or trust account under section 20-324k shall participate in such
program. Under the program, moneys held on behalf of any principal, client or other
person shall be deposited by participating real estate brokers in interest-bearing accounts
specifically established pursuant to this program. Funds deposited in such accounts shall
be subject to withdrawal upon request by the depositor and without delay, provided the
funds are available in accordance with federal regulations. The interest earned thereon
shall be paid to the Connecticut Housing Finance Authority for the purposes of section
8-265g. Nothing in this section shall prevent a real estate broker from depositing the
funds of any principal, client or other person, regardless of the amount of such funds
or the period for which such funds are expected to be held, in a separate interest-bearing
account established on behalf of and for the benefit of the principal, client or person.
The Connecticut Housing Finance Authority shall mail to each real estate broker participating in the program a detailed annual report of the mortgage assistance provided pursuant to section 8-265g.
(b) This program shall not require the banking corporations or financial institutions
receiving such funds, holding such accounts and paying interest thereon to the depositors
of the account to perform any additional administrative functions or assume any additional responsibilities or obligations in connection with such program or the accounts
so maintained. The provisions of this section shall not apply to any escrow account
established and maintained pursuant to section 47a-21. Nothing in this section shall be
construed to impose any additional obligations on real estate brokers other than those
contained in subsection (a) of this section.
(P.A. 91-314, S. 1, 4; P.A. 92-69, S. 2, 5.)
History: P.A. 92-69 deleted provisions from Subsec. (a) limiting deposits to moneys less than $10,000 or expected to
be held for not more than 60 business days.