SB 1009 – Modifies the current legal requirement that funds conveyed to settlement agents in real estate closings be certified funds

• Sponsor: Loudon
• LR Number: 4647S.04T
• Committee: Financial & Governmental Organizations and Elections
• Last Action: 6/10/2008 - Signed by Governor
• Title: SCS SB 1009
• Effective Date: Emergency Clause
• House Handler: Wasson

Current Bill Summary

SCS/SB 1009 - This act modifies the law with respect to the requirement that funds accepted by a settlement agent be certified funds. Under this act, the certified funds requirement shall only apply when a settlement agent accepts funds greater than $2,500 in a real estate transaction.

This act has an emergency clause.

STEPHEN WITTE