| SB 0148 | Management of Escrow Accounts By Real Estate Settlement Agents |
| Sponsor: | Klarich | |||
| LR Number: | L0693.03T | Fiscal Note: | 0693-03 | |
| Committee: | Financial and Governmental Operations | |||
| Last Action: | 07/07/97 - Signed by Governor | Journal page: | ||
| Title: | HCS/SB 148 | |||
| Effective Date: | August 28, 1997 | |||
HCS/SB 148 - This act amends the law relating to the
financial responsibilities of real estate settlement agents.
Under the current law, a title insurer, insurance agency, or
agent may not make a withdrawal from an escrow account in excess
of $10,000 unless there has been a corresponding deposit at least
10 days prior to the withdrawal. This act exempts funds received
from financial institutions from the limitation above.
DENISE GARNIER