2026 Regular Session
HB 4492
Limiting broker deposits to $500
In Committee
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill limits the amount of money real estate brokers can hold in trust fund accounts to $500. Currently, brokers could deposit more than $500. The bill requires brokers to maintain these accounts at insured financial institutions and ensures funds are properly tracked and accounted for. It also clarifies the broker's role as trustee and outlines record-keeping requirements for the accounts.
Key provisions
- Limits broker deposits in trust fund accounts to $500.
- Requires brokers to maintain trust fund accounts at federally insured financial institutions.
- Specifies that trust fund accounts cannot earn interest without commission authorization.
- Prohibits brokers from commingling personal funds with trust funds.
- Mandates detailed record-keeping of all deposits and withdrawals.
- Requires financial institutions to provide statements to the Real Estate Commission.
- Establishes a process for the commission to inspect trust fund accounts.
- Limits the number of authorized signatories for disbursements from the account.
Who is affected
- Real estate brokers in West Virginia
- Real estate brokerage firms in West Virginia
- Financial institutions in West Virginia
- Real estate clients in West Virginia
- The West Virginia Real Estate Commission
Notable changes
- Reduces the maximum allowable deposit in trust fund accounts from an unspecified amount to $500.
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