Lockbox System Procedures

Adopted: June 10, 1996

Effective Date: July 1, 1996

Notice to the Association/MLS:

The Designated Broker/Office Manager will notify the Southwest Riverside County Association of Realtors®/Multiple Listing Service in writing within 10 days regarding the change of status from active to inactive of any agent affiliated with their firm.

Inventory Report:

Upon receipt of the change of status notice, the Association/MLS will prepare and distribute to the Designated Broker/Office Manager, an inventory report on the lockboxes leased by the former agent. The Designated Broker/Office Manager has 10 days from receipt of this report, to review it, confirm the location of the boxes and notify the Association/MLS regarding any changes to the lessee of the lockboxes.

Billing Statement:

Within two days after receipt of the change notice, a notice will be prepared and distributed to the inactive agent (with a copy sent to the broker) regarding the total amount due on the un-accountable lockboxes. (For example: if the inactive agent had ten lockboxes leased and 7 have been transferred, a billing statement will be prepared for 3 lockboxes at the current purchase price of $85.00 plus tax each along with $5.00 per box per month for the leased boxes up until the transfer date.)

Each billing statement will contain the name and address of the lessee along with the invoice number and due date. The billing statement will be sent to the last known home address the association has on file.

Due Date:

Billing statements are due and payable upon receipt and considered past due on the 11th day after billing. Each statement will indicate that should this statement go unpaid by the final due date, the Association/MLS will have no choice but to refer this matter to a collection agency for action.

Dispute:

It is the responsibility of the lessee to review each statement carefully and immediately contact the Association office regarding any changes, questions or disputes they may have.

COPYRIGHT© 2002 SOUTHWEST RIVERSIDE COUNTY ASSOCIATION OF REALTORS®