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MO HB822
Bill
Status
3/9/2011
Primary Sponsor
Michael Corcoran
Click for details
AI Summary
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Title companies and escrow agents must notify all transaction parties within 5 days of receiving escrow funds about any costs to hold, disburse, or return those funds
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Parties with money held in escrow have 5 days after notification to withdraw or transfer funds to a different escrow agent without penalty
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Violations by title companies, escrow agents, or their officers, executive officers, or board members are subject to penalties under section 381.045 (insurance-related penalties)
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Adds new section 443.950 to Chapter 443 of Missouri Revised Statutes governing mortgages and conveyances
Legislative Description
Requires a title company or escrow agent holding escrow funds to notify all parties involved in the transaction within five days of receipt of any costs to hold, disperse, or return the funds
Last Action
Referred: Financial Institutions (H)
4/12/2011