2003 -- CHAPTER 193-E
Adoped and Filed Emergency ARC 2456B
View Replacement Sheet in PDF format
Summary of Rule
Item 1 amends subrule
13.1(2) to clarify that the client is free to request that interest on the clients
funds be paid to a third party. Items 2 and 3 clarify that the parties to the transaction
do have control of the interest.
Under the terms of the program, lawyers and nonlawyers who were authorized to conduct
certain real estate closings were required to place a clients funds in pooled
interest-bearing trust accounts if the funds could not earn net interest for the client.
Interest earned in the IOLTA program served a variety of public purposes.
On July 17, 2003, the
Commission voted to terminate this rule making. View the Notice
View terminated amendments filed Notice of
Intended Action ARC 2429B
(See ARC 2456B This is the same as R03-01 above filed emergency and in effect).
No one appeared at the
public hearing held on May 20, 2003, in the Second Floor Professional Licensing Conference
Room, 1920 SE Hulsizer, Ankeny, Iowa, and no written comments were received.However, after
the May 20, 2003 cut-off date, the Commission received a complaint forwarded by the
Consumer Protection Division of the Iowa Attorney General. After review of the complaint,
there were questions as to the legality of a private real estate licensee organization
receiving interest from the trust account, related tax issues for buyers and sellers, and
very serious disclosure issues.
The Commission is terminating the rule making commenced in ARC# 2429B to provide
additional time to study the issues raised, to see if other complaints are received, and
incorporate appropriate changes and clarifications as necessary before re-noticing the
View amendments Filed
Notice of Intended Action ARC 2673B
The proposed amendment is intended to reduce license fees. 2003 Iowa Acts, House File 655,
eliminated the Real Estate Commission Fund, which will result in over funding.
Changes reflect fees that
were in effect prior to the October, 2002 increases. Proposed changes were made to reflect
Broker, Firm, and Salesperson license fees reduced by $50 each, and Additional Officer,
Branch and Trade Name license fees reduced by $20 each, and eliminate the $25 fee for