61J2-14.014. Interest-Bearing Escrow Accounts

(1) A broker is allowed to place escrow funds in an interest-bearing account. The placement of escrow monies in an interest-bearing account, designation of the party who is to receive the interest, and the time the earned interest must be disbursed, must be done with the written permission of all the parties to the transaction. Said escrow account must be in an insured account in a depository located and doing business in Florida.

(2) In order to disburse principal and interest to the designated party at the time agreed, the broker must first transfer said principal and interest to a non-interest-bearing escrow account before disbursement. In the event the broker is designated by all parties to receive the interest, only the principal is to be transferred to the non-interest-bearing escrow account for further disbursement. The interest is to be transferred directly to the broker’s operating account.

(3) As an alternative to subsection (2) above, the broker may establish an individual interest-bearing escrow account for a specific transaction or sum of money. On the date agreed upon for disbursement of the principal and interest, the broker shall close the account with checks issued to the appropriate person(s) or business entity(ies) for the principal and interest.

Specific Authority 475.05 FS. Law Implemented 475.25(1)(k) FS. History–New 9-17-81, Formerly 21V-14.14, Amended 10-13-88, 4-16-91, 2-18-92, 11-8-92, 6-28-93, Formerly 21V-14.014.