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IN SB0163

Bill

Official Source

Status

Engrossed

1/24/2018

Primary Sponsor

Mark Messmer

Click for details

Origin

Senate

2018 Regular Session

AI Summary

  • Repeals the requirement that real estate escrow disbursements exceeding $10,000 from a single party must be transmitted as wired "good funds"
  • Retains the existing requirement that funds under $10,000 from a single party must still be "good funds" before disbursement
  • Amends Indiana Code IC 27-7 regarding insurance and escrow account regulations
  • Effective date of July 1, 2018
  • Passed Senate Committee on Commerce and Technology with a 6-0 vote on January 16, 2018

Legislative Description

Distributions from escrow accounts. Repeals a requirement that any funds that: (1) exceed $10,000 and are disbursed from an escrow account in connection with a real estate transaction; and (2) are received from a single party to the transaction; must be wired good funds. Makes a conforming amendment.

Last Action

First reading: referred to Committee on Judiciary

2/6/2018

Committee Referrals

Judiciary2/6/2018
Commerce & Technology1/3/2018

Full Bill Text

No bill text available