Senate Bill 764 - Client Trust Fund Protection

Fact Sheet (PDF)

Bill Text

SUMMARY

Senate Bill 764 expands options available to real estate brokers to protect their clients’ money. SB 764 allows brokers to utilize an insurance policy to protect money being held in a client trust fund account. This is an expansion of current law which restricts protective options to only fidelity bonds. By allowing more options, brokers are given greater flexibility in organizing their businesses, while still providing important consumer protections.