SB23-047
Confirmed Funds For Closing And Settlement Process
| Type | Bill |
|---|---|
| Session | 2023 Regular Session |
| Subjects |
Concerning modifications to the closing and settlement process for real estate transactions.
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.)
Prime Sponsors
Senator
Kevin Van Winkle
Committees
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Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 01/12/2023 | Introduced |
| Activity | Vote | Documents |
|---|---|---|
| Postpone Senate Bill 23-047 indefinitely. | The motion passed on a vote of 8-0. | Vote summary |
| Date | Location | Action |
|---|---|---|
| 02/09/2023 | Senate | Senate Committee on Business, Labor, & Technology Postpone Indefinitely |
| 01/12/2023 | Senate | Introduced In Senate - Assigned to Business, Labor, & Technology |