Bill > HB1257

This bill modifies the definition of "certified funds" in Missouri law, specifically expanding the types of financial transactions that can be considered certified funds for real estate settlement purposes. The bill broadens the existing definition to include not only traditional methods like United States currency, cashier's checks, and certified checks, but also adds wire transfers that are unconditionally received by a settlement agent, and funds conveyed through real-time payment systems such as RTP (Real-Time Payments) and FedNow. The key change is that settlement agents must receive written confirmation from a financial institution that the funds have been credited to their account. This modification aims to provide more flexibility and clarity for real estate settlement agents and title insurance agents when handling financial transactions during property sales, ensuring that a wider range of modern payment methods can be considered secure and acceptable for real estate transactions in Missouri.

Government Affairs

https://house.mo.gov/Bill.aspx?bill=HB1257&year=2025&code=R