(3) The escrow or trust account maintained by a broker, as 20 CSR 2250-8.130 Earnest and Escrow Money; Disputes
required by the license law, shall be a checking account in
a bank, savings and loan, or credit union. If the escrow or PURPOSE: This rule prohibits acceptance of nonnegotiable
trust account maintained by a broker is an interest-bearing securities as earnest money without the knowledge and consent
account, the broker shall disclose in writing to all parties to of the owner. In the event of a dispute over the return of an earnest
the transaction that the account is interest-bearing and the money deposit, it instructs the broker as to its proper disposition.
disclosure shall indicate who is to receive the interest.
(1) A broker shall not accept any note, nonnegotiable instrument
(4) Each broker shall deposit into the escrow or trust account or anything of value not readily negotiable as earnest money in
all funds coming into the broker’s possession as set out in a transaction without the signed, written consent of the owner
section 339.100.2(1), RSMo, including funds in which the broker of the real estate.
may have some future interest or claim and including, but
not limited to, earnest money deposits, prepaid rents, security (2) In the event a dispute arises concerning the return or
deposits, loan proceeds, and funds paid by or for the parties forfeiture of any monies or other valuables held by a broker
upon closing of the transaction. No broker shall commingle in escrow, the broker shall continue to retain the money or
personal funds or other funds in the broker’s escrow account valuables in escrow until a written release is obtained from
except to the extent provided by section 339.105.1, RSMo. all parties consenting to its disposition or until a civil