TITLE INSURANCE - 381.022 , 381.058

The act provides that a title insurer, title agency, or title agent may perform escrow or closing services in residential real estate transactions by giving notice to affected persons that their interests are not protected by the title insurer, agency, or agent in situations where the title insurance policy is not being issued by the title insurer, agency, or agent performing the escrow or closing services. In situations where title insurers, agencies, and agents are exclusively performing escrow, settlement, or closing services, it is unlawful for the entities to do so unless they clearly disclose to the sellers, buyers, and lenders involved in the escrows, settlements, or closings that no title insurer is providing any protection for closing or settlement funds.

These provisions are identical to provisions in CCS/HCS/SB 833 (2016) and similar to HB 1040 (2015).

NOTARIES PUBLIC - 486.245, 486.275, 486.285, 486.375

Currently, after a county clerk awards a notary commission he or she must forward the bond, signature, and oath of the notary to the Secretary of State. This act requires the Secretary of State to maintain a database containing information regarding notaries public, including any lost seal.

The act also provides that a signature or record will be deemed notarized if the electronic signature of the notary is attached with the signature or record.

A manufacturer of a notary public's seal is required to register with the Secretary of State and communicate with the Secretary when the manufacturer issues a seal to a someone in Missouri, and failure to do so results in a one thousand dollar fine for each violation.

A person who unlawfully acts as a notary public is guilty of a Class D felony, rather than a misdemeanor punishable by a fine of less than five hundred dollars or by imprisonment for less than six months.

These provisions are identical to provisions contained in HB 2724 (2016) and HCS/HB 1858 (2016) and similar to provisions in HCS/SB 932 (2016) and HB 2726 (2016).

BANKRUPTCY EXEMPTIONS - 513.430

The act also exempts from attachment in bankruptcy proceedings security deposit money held by the debtor for property being rented by another individual.

This provision is identical to HB 1442 (2016).

JESSI BAKER