PURPOSE: This rule requires all earnest money be deposited in a (7) The designated broker and the branch office manager shall
noninterest bearing escrow account not later than ten (10) banking be responsible for the maintenance of the escrow account and
days next following the execution of a contract. If the account is shall ensure the brokerage’s compliance with the statutes and
interest-bearing, all parties must be made aware. A salesperson rules related to the brokerage escrow account(s).
must immediately deliver to the broker all money received in
connection with a transaction in which s/he is engaged. AUTHORITY: sections 339.100, 339.105, and 339.120, RSMo Supp.
2011.* This rule originally filed as 4 CSR 250-8.120. Original rule
(1) All money received by a licensee as set out in section filed Nov. 14, 1978, effective Feb. 11, 1979. Amended: Filed March
339.100.2(1), RSMo shall be deposited in the escrow or trust 12, 1982, effective June 11, 1982. Amended: Filed March 14, 1984,
account maintained by the broker no later than ten (10) effective June 11, 1984. Amended: Filed Oct. 2, 1985, effective Dec.
banking days following the last date on which the signatures 26, 1985. Amended: Filed Dec. 15, 1986, effective March 26, 1987.
or initials, or both, of all the parties to the contract are Amended: Filed June 15, 1990, effective Dec. 31, 1990. Amended:
obtained, unless otherwise provided in the contract. Earnest Filed Nov. 15, 1991, effective June 25, 1992. Amended: Filed Feb. 2,
money received prior to acceptance of a written contract may 1994, effective Aug. 28, 1994. Moved to 20 CSR 2250-8.120, effective
be deposited into the escrow account by the broker with the Aug. 28, 2006. Amended: Filed Oct. 27, 2011, effective April 30,
written authorization of the party(ies)