Real Estate Brokers Trust Accounts

For information about real estate brokers licenses and sales licenses contact Department of Commerce - Real estate broker and sales licenses. See also Department of Commerce - Division of Licensing and Enforcement

Minnesota Statutes, Section 82.24, Subd. 8 - requires all brokers to maintain a pooled interest-bearing trust account for deposit of client funds. The real estate broker must direct the financial institution in which these trust accounts are maintained to (1) pay the interest, less reasonable transaction costs, computed in accordance with the financial institution's standard accounting practice, at least quarterly, to the state treasurer; and (2) send a statement to the state treasurer showing the name of the broker for whom the payment is made, the rate of interest applied, the amount of service charges deducted, and the account balance for the period in which the report is made. The state treasurer is required to credit the amount collected to the Housing Trust Fund Account established in section 462A.201.

Real estate brokers should direct their questions to the Department of Commerce - Real estate broker and sales licenses.

Financial institutions should direct their questions to the Office of the State Treasurer, Attention: Jerry Engebretson, 303 Administration Building, 50 Sherburne Avenue, St. Paul, MN 55155 (612) 651-296-7091

Click here for more complete information on the Housing Trust Fund.