Bill Text: MO HB822 | 2011 | Regular Session | Introduced

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Bill Title: Requires a title company or escrow agent holding escrow funds to notify all parties involved in the transaction within five days of receipt of any costs to hold, disperse, or return the funds

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2011-04-12 - Referred: Financial Institutions (H) [HB822 Detail]

Download: Missouri-2011-HB822-Introduced.html

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FIRST REGULAR SESSION

HOUSE BILL NO. 822

96TH GENERAL ASSEMBLY

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INTRODUCED BY REPRESENTATIVE McGHEE.

1916L.01I                                                                                                                                                  D. ADAM CRUMBLISS, Chief Clerk

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AN ACT

To amend chapter 443, RSMo, by adding thereto one new section relating to escrow funds.

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Be it enacted by the General Assembly of the state of Missouri, as follows:

            Section A. Chapter 443, RSMo, is amended by adding thereto one new section, to be known as section 443.950, to read as follows:

            443.950. 1. Any title company or escrow agent holding escrow funds for a transaction shall within five days of receiving such funds notify all parties involved of any costs to hold, disperse, or return such funds. Persons with money in escrow shall have the option within five days of being notified of such costs to remove or move such funds to a different escrow agent without penalty.

            2. Any title company or escrow agent and their officers, executive officers, or board members found in violation of this section shall be subject to penalties as provided in section 381.045.

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