Skip to main content
Colorado General AssemblyToggle Main Menu
Agency NameToggle Agency Menu
SB23-047

Confirmed Funds For Closing And Settlement Process

Concerning modifications to the closing and settlement process for real estate transactions.
Session:
2023 Regular Session
Subject:
Financial Services & Commerce
Bill Summary

The bill modifies the closing and settlement procedure for real estate transactions to ensure that the funds intended to be used at closing have been:

  • Received and deposited into a trust account at least one business day before the scheduled closing; and
  • Confirmed as deposited and available for immediate disbursement upon the settlement and closing of the real estate transaction.

The bill takes effect September 1, 2024.


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Lost

Menu

Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Sen. K. Van Winkle

Sponsor

Co-sponsor

Colorado legislature email addresses ending in @state.co.us are no longer active. Please replace @state.co.us with @coleg.gov for Colorado legislature email addresses.  Details