Bill > SB488

This bill modifies the definition of "certified funds" in Missouri law to expand the types of financial transactions that can be considered certified funds for real estate settlement purposes. Specifically, the bill broadens the definition to include not only United States currency, cashier's checks, certified checks, and teller's checks, but also wire transfers and funds from real-time payment systems like RTP and Fed Now. The key change is that these funds must be unconditionally received by the settlement agent and confirmed in writing by a financial institution as being credited to the agent's account. This update provides more flexibility for real estate settlement agents by recognizing newer forms of electronic fund transfers. The bill is part of a statute regulating the use of funds by real estate settlement agents and title insurance agents, aiming to modernize the definition of acceptable payment methods in real estate transactions while maintaining safeguards around fund verification.

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https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=243919