MO SB634

Repeals and replaces 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, settlement, security deposit, and closing funds into separate fiduciary trust accounts at qualified depository institutions no later than the close of the second business day after receipt.

Prohibits commingling of escrow funds with personal or other moneys, using escrow funds to pay debts, or disbursing funds except according to written instructions or court orders.

Authorizes title insurers to issue closing or settlement protection letters for all residential real estate transactions (removing prior "upon request" language) to indemnify buyers, lenders, and sellers against theft, fraud, or failure to comply with written closing instructions.

Establishes separate filed rates for closing protection letters covering purchasers/borrowers and sellers, with violations classified as level three violations under section 374.049.