Pending Administrative Rule Revision

Since 1993, Wisconsin Statutes require real estate brokers to establish interest-bearing real estate trust accounts for the deposit of all down payments, earnest money and other trust funds received by the broker and related to the conveyance of real estate.  Banks and other depository institutions remit the interest from the IBRETA accounts, approximately $200,000 to $300,000 annually, to the Department of Commerce to augment existing emergency and transitional homeless programs funds.  

The Department of Commerce is currently in the process of revising Ch. Comm 155, Interest Bearing Real Estate Trust Accounts, Wis. Admin. Code.  The proposed rule draft specifies that depository institutions must remit funds annually by February 1 and use a standard reporting form.

The proposed rule, remittance form and public hearing notice will be available on the Commerce web site when it is published in the Wisconsin Administrative Register in mid- December.  The Department will hold a public hearing on the proposed rule on January 10, 2006, at 1:00 PM in Room 3C, Thompson Commerce Center, 201 West Washington Avenue, Madison.

-- Jeanne Storm

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Please send comments or questions to Barbro McGinn, editor.