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Notice of Termination

Pursuant to the authority of Iowa Code sections 543B.9, 543B.18, and 543B.46, the Real Estate Commission hereby terminates the rule making initiated by its Notice of Intended Action published in the Iowa Administrative Bulletin on April 30, 2003 as ARC# 2429B (See ARC # 2456B) amending Chapter 13, "Trust Accounts and Closings," Iowa Administrative Code.

The Notice was identical to amendments Adopted and Filed Emergency and published April 30, 2003 as ARC 2456B. The Notice was intended to provide the opportunity for public input and comment relating to amendments intended to bring 193E IAC Chapter 13 into accordance with Brown et al. v. Legal Foundation of Washington et al Certiorari to the United States Court of Appeals for the Ninth Circuit, No. 01-1325, and to clarify that the client is free to request that interest on their funds be paid to a third party.

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 proposed amendments.

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