MO SB159

Requires closing protection letters to be issued for all residential real estate transactions where title insurance policies are issued, expanding from the previous "upon request" standard to mandatory issuance for buyers, lenders, and sellers

Adds "lender's" interests to the list of parties that must be protected by closing protection letters when title insurers, agencies, or agents act as escrow, security, settlement, or closing agents

Requires both a title insurance policy AND a closing protection letter (changed from "or") when handling residential real estate closings, unless written disclosure is provided that no title insurer protection applies

Establishes that when no title insurance policy is being issued, the title insurer, agency, or agent must provide written notice to affected parties that their closing/settlement interests are not protected

Defines new terms including "security deposit" and "qualified depository institution" and specifies requirements for handling security deposit account disbursements under written agreements