This bill proposes an amendment to the West Virginia Real Estate License Act, specifically targeting the regulations surrounding trust fund accounts maintained by licensed brokers. The key change is the increase in the maximum amount of a broker's own funds that can be deposited into a trust fund account, raising the limit from $100 to $500. This adjustment aims to provide brokers with greater flexibility in managing their trust accounts while still adhering to fiduciary responsibilities.

In addition to the increase in deposit limits, the bill retains existing provisions regarding the management and oversight of trust fund accounts. Brokers are required to maintain detailed records of all transactions and are subject to inspections by the Real Estate Commission. The bill emphasizes the importance of maintaining the integrity of trust funds, prohibiting the commingling of personal and trust funds, and ensuring that trust accounts are established at federally insured financial institutions. Overall, the proposed changes seek to enhance the operational capacity of brokers while ensuring compliance with regulatory standards.

Statutes affected:
Introduced Version: 30-40-18