ND HB1421

Creates a new chapter to title 47 of the North Dakota Century Code establishing standards for "good funds" in real estate transactions.

Defines "good funds" to include United States currency, wired funds, checks presented for payment and received, checks up to $3,000 drawn on real estate broker or attorney trust accounts, cashier's checks up to $10,000, and checks drawn on other closing agents' escrow accounts.

Requires closing agents to obtain at least $10,000 in good funds from any single party to a real estate transaction before making escrow account disbursements.

Excludes lenders and their employees conducting loan closings in their own offices from the definition of "closing agent."

Passed House 82-8 and Senate 47-0.