ND HB1316

Amends the definition of "good funds" to include checks drawn on real estate broker or attorney trust accounts up to $3,000 if closing agent has reasonable grounds to believe sufficient funds will be available at disbursement.

Increases the limit for cashier's checks qualifying as "good funds" from $30,000 to $50,000 in the aggregate when drawn on accounts at banks in North Dakota, Minnesota, Montana, or South Dakota.

Requires closing agents to disclose to sellers the anticipated closing date and all dates through which loan payoffs are calculated in closing documents.

Establishes that closing agents cannot disburse funds from escrow unless funds from any single party totaling at least $10,000 are in the form of "good funds."

Creates civil liability allowing persons to sue for violations of good funds requirements, with statutory damages of $500 per violation in the first action and $1,000 per violation in subsequent actions, plus actual damages.