| SB 0405 | Settlement agents and title insurers |
| Sponsor: | KLARICH | ||
| Committee: | FINA | LR Number: | L1297.02I |
| Last Action: | 03/13/95 - Hearing Scheduled But Not Heard S Finan. & Govt'l. Operat. Com. | ||
| Title: | |||
| Effective Date: | August 28, 1995 | ||
SB 405 - The sections regulating the closing of real estate sales by settlement agents are moved from Chapter 442, RSMo, (real estate conveyances) to Chapter 381, RSMo, (title insurance). These sections currently require settlement agents to take certified funds and to record security interests within three days.
The bill requires title insurance agencies to wait at least ten days before withdrawing over $10,000 in funds from a corresponding deposit into an escrow account. An exception is made for certified funds. RONALD J. LEONE