ASSEMBLY, No. 2869

 

STATE OF NEW JERSEY

 

INTRODUCED MAY 1, 1997

 

 

By Assemblymen ASSELTA, GIBSON and Moran

 

 

An Act concerning the acceptance of certain funds by real estate brokers and amending P.L.1993, c.51.

 

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

    1. Section 45 of P.L.1993, c.51 (C.45:15-12.8) is amended to read as follows:

    45. Every real estate licensee who, in the performance of any of the activities described in R.S.45:15-3, receives any monies of others as a representative of a broker acting as an escrow agent or as the temporary custodian of the funds of others in a real estate transaction, shall only accept the monies if they are in the form of cash or a negotiable instrument payable to the broker through whom the individual is licensed , or such other form as the commission may prescribe by rule. The licensee shall, immediately upon receipt of the funds, account for and deliver the funds to the broker for deposit into the escrow or trust account maintained by the broker, or for such other disposition as is required by the escrow agreement under the terms of which the funds were provided to the licensee.

(cf: P.L.1993, c.51, s.45)

 

    2. This act shall take effect immediately.

 

 

STATEMENT

 

    This bill authorizes the New Jersey Real Estate Commission to promulgate rules enabling real estate brokers and their agents to accept moneys to be held by them as escrow agents or as temporary custodians of the funds in real estate transactions in forms other than cash or negotiable instrument. Through such rulemaking the commission might authorize brokers to, in limited circumstances, accept credit card charges for such payments.

                             

Allows Real Estate Commission to promulgate rules concerning acceptance of escrow funds in forms other than cash or check.