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Legislative Year: 2024 Change
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Bill Detail: HB24-1094

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Title Developer Subdivision Reservation Deposits
Status Senate Second Reading Passed - No Amendments (04/16/2024)
Bill Subjects
  • Professions & Occupations
House Sponsors M. Soper (R)
M. Lukens (D)
Senate Sponsors D. Roberts (D)
P. Will (R)
House Committee Business Affairs and Labor
Senate Committee Local Government and Housing
Date Introduced 01/24/2024
Summary

Before transferring or negotiating to transfer any subdivision or
part of a subdivision, a developer is required to apply for registration with
the real estate commission (commission). Current law requires that, with
permission from the commission, any reservation fees that a developer
receives from prospective purchasers while the developer's registration
application is pending must be held in trust by a third party and be fully
refundable.
The bill requires that, after the commission has approved a
developer's registration application, any earnest money received by the
developer from a prospective purchaser must be held in trust by an
independent third party. The bill creates an exception to this requirement
for earnest money deposits received from an accredited investor. A
developer may use funds from an accredited investor's deposit for
development purposes only if the purchase contract or other written
disclosure clearly sets forth:
  • To whom the funds will be delivered;
  • When the delivery will occur;
  • How the funds will be used; and
  • Any restrictions on the use of the funds.

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