SB 364 Summary

• Repeals and reenacts sections 381.022 and 381.058 of Missouri law relating to title insurance, escrow, settlement, and closing services.

• Requires title insurers, agencies, and agents to deposit escrow and security deposit funds in qualified depository institutions within two business days of receipt, with separate accounting by transaction and restrictions on commingling or misuse of funds.

• Prohibits title insurance companies from transacting any other class or type of business, and restricts issuance of closing/settlement protection letters to transactions where title insurance policies are issued or where written notice is given that no title insurance protection is provided.

• Authorizes title insurers to collect fees for closing or settlement protection letters in all residential real estate transactions, with separate filed rates for buyers/lenders versus sellers, covering only theft, fraud, or failure to comply with written closing instructions.

• Establishes violations of these provisions as level three violations under section 374.049.