HB720: Real Estate - Real Estate Brokerage Services and Termination of Residential Real Estate Contracts (The Anthony Moorman Act)

Legislative Summary

Requiring a real estate broker or an escrow agent, if a purchaser terminates a certain transaction under certain circumstances, to distribute trust money to the purchaser within 30 days after a certain written notice of the termination is sent; requiring a holder of trust money who makes a certain distribution to notify the seller and purchaser of the distribution within a certain period of time; establishing that a holder of trust money may not be held liable for a certain decision to distribute the trust money; etc.