FINAL BILL REPORT

                   SB 5442

                           C 48 L 99

                      Synopsis as Enacted

Brief Description:  Increasing the defined amount of Anominal deposit@ affecting real estate brokers.

Sponsors:  Senators Kline, Roach and Wojahn.

Senate Committee on Commerce, Trade, Housing & Financial Institutions

House Committee on Commerce & Labor

Background:  Real estate brokers sometimes receive client funds in trust in connection with purchase transactions or property management functions.

Brokers are required to place client funds in a pooled interest bearing account.  Interest on Anominal amounts@ placed in these accounts is aggregated statewide and is paid to the State Treasurer for deposit into the housing trust fund and the real estate education account.

Property management trust accounts that are larger than nominal are excepted from this process.  ANominal@ is defined as amounts of not more than $5,000.

Summary:  The definition of Anominal@ is changed from not more than $5,000 to not more than $10,000.

Votes on Final Passage:

Senate 47 0

House     91 0

Effective:  July 25, 1999