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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

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Sen. K. Van Winkle

Sponsor

Co-sponsor

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