535B.20 Disbursing from a trust account. A licensee acting as a closing agent shall not make, in a real estate closing, a disbursement from a trust account on behalf of another person, unless the following conditions are met: 1. The cash, funds, money orders, checks, or negotiable instruments necessary for the disbursement have been transferred electronically to or deposited into the trust account ofthe closing agent and are available for withdrawal and disbursement, or have been physicallyreceived by the agent prior to disbursement and are intended for deposit no later than the nextbanking day after the date of disbursement. 2. Nothing in this section prohibits a closing agent licensee from advancing funds not exceeding one thousand dollars from a trust account or otherwise on behalf of a party to a realestate closing for the purpose of paying incidental fees, such as conveyance and recordingfees, in order to effect and close the sale, purchase, exchange, transfer, encumbrance, or leaseof residential real property that is the subject of the real estate closing. 2010 Acts, ch 1111, §11, 13Referred to in §535B.19 Sat Dec 23 01:38:19 2023 Iowa Code 2024, Section 535B.20 (24, 0)
Iowa Legal Code