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Missouri Revised Statutes Title XXIV. Business and Financial Institutions § 381.412. Settlement agents, accepting funds, exemption--title insurer, deposit of funds--violation, fine

Current as of January 01, 2025 | Updated by Findlaw Staff

1. A settlement agent who accepts funds of more than two thousand five hundred dollars for closing a real estate transaction shall require a buyer, seller, or lender who is not a financial institution to convey such funds to the settlement agent as certified funds. A check shall be exempt from the provisions of this section if drawn on:

(1) An escrow account of a licensed real estate broker, as regulated and described in section 339.105; or

(2) An escrow account of a title insurer or title insurance agency licensed to do business in Missouri; or

(3) An agency of the United States of America, the state of Missouri, or any county or municipality of the state of Missouri; or

(4) An account by a financial institution.

2. It is unlawful for any title insurer, title agency, or title agent, as defined in section 381.009,  1 to make any payment, disbursement or withdrawal from an escrow account which it maintains as a depository of funds received from the public for the settlement of real estate transactions unless a corresponding deposit of funds was made to the escrow account for the benefit of the payee or payees:

(1) At least ten days prior to such payment, disbursement, or withdrawal; or

(2) Which consisted of certified funds; or

(3) Consisted of a check made exempt from this section by the provisions of subsection 1 of this section.

3. A violation of any provision of this section is a level two violation under section 374.049.

1 Revisor's note: Section 381.009 was repealed by S.B. 66, 2007.
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Cite this article: FindLaw.com - Missouri Revised Statutes Title XXIV. Business and Financial Institutions § 381.412. Settlement agents, accepting funds, exemption--title insurer, deposit of funds--violation, fine - last updated January 01, 2025 | https://codes.findlaw.com/mo/title-xxiv-business-and-financial-institutions/mo-rev-st-381-412/

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