SB25-016
Updating Escrow Disbursement Practices
Concerning updating the framework governing escrow disbursements for real estate transactions.
Session:
2025 Regular Session
Subject:
Bill Summary
Financial Services & Commerce
The bill modifies the types of funds that are available for immediate withdrawal as a matter of right in real estate transactions, by:
- Limiting wire transfer funds to only those funds that are wired through a funds-transfer system operated by the federal reserve; and
- Adding funds credited to an escrow account if the bank or financial institution holding the account confirms that there has been final settlement of the credited funds.
(Note: This summary applies to this bill as introduced.)