Utah Proposed Regulation Relating to Real Estate Deposit Funds

Utah is considering a substantial reorganization to its existing real estate licensing rules.  As part of that reorganization, the new regulations would include a provision providing that unclaimed trust deposits held by a real estate broker as a result of a cancelled or failed real estate transaction would be subject to the provisions of the Utah Unclaimed Property Act.

Anyone wishing to comment on the proposed rule has until December 15th to do so.  Comments should be provided to the Utah Department of Commerce, Division of Real Estate.