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SB25-016

Updating Escrow Disbursement Practices

Concerning updating the framework governing escrow disbursements for real estate transactions.
Session:
2025 Regular Session
Subject:
Financial Services & Commerce
Bill Summary

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 or the Clearing House Payments Company ; 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 including a real-time or an instant payment made through a funds-transfer service operated by the federal reserve or the Clearing House Payments Company's real-time payments system.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)


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

Status

Introduced
Under Consideration

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Bill Text

The effective date for bills enacted without a safety clause is August 6, 2025, if the General Assembly adjourns sine die on May 7, 2025 (unless otherwise specified). Details

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