Good Funds in Missouri - Revision history

Davidjenkins at 14:22, 4 September 2018

2018-09-04T14:22:15Z

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2018-09-04T13:49:31Z

CSV import

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2018-09-04T13:33:19Z

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Davidjenkins at 12:19, 4 September 2018

2018-09-04T12:19:27Z

Davidjenkins at 12:16, 4 September 2018

2018-09-04T12:16:09Z

Davidjenkins at 12:14, 4 September 2018

2018-09-04T12:14:38Z

Davidjenkins: /* Exceptions to Good Funds Requirements */

2018-09-04T12:09:13Z

‎Exceptions to Good Funds Requirements

Davidjenkins: /* Good Funds Requirements */

2018-09-04T12:09:00Z

‎Good Funds Requirements

Davidjenkins: /* Definition of Good Funds */

2018-09-04T12:08:47Z

‎Definition of Good Funds

Davidjenkins: /* Wet or Dry Settlement */

2018-08-31T22:11:30Z

‎Wet or Dry Settlement

@@ Line 1: / Line 1: @@
 ==Overview==
 ==Sources==
 ==Wet or Dry Settlement==
 Wet
 It is unlawful for any title insurer, title agency, or title agent 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
+# At least ten days prior to such payment, disbursement, or withdrawal; or
-(2) Which consisted of certified funds; or
+# Which consisted of certified funds; or
-(3) Consisted of a check made exempt from the certified funds requirement.  MO Rev. Stat. 381.412.2.
+# Consisted of a check made exempt from the certified funds requirement.
 ==Definition==
-?Certified funds? means United States currency, funds conveyed by a cashier?s check, certified check, teller?s check, or wire transfers, including written advice from a financial institution that collected funds have been credited to the settlement agent?s account.  MO Rev. Stat. 381.410(2).
 ==Requirements==
-A settlement agent who accepts funds of more than $2,500, for closing a sale of an interest in real estate must require the buyer, seller, or lender that is not a ?financial institution? to convey such funds to the settlement agent in ?certified funds.?  MO Rev. Stat. 381.412.1.  A ?financial institution? is a person or entity doing business under the laws of Missouri or the United States relating to banks, trust companies, savings and loan associations, credit unions, commercial and consumer finance companies, industrial loan companies, insurance companies, small business investment corporations licensed pursuant to the Small Business Investment Act of 1958, or real estate investment trusts as defined in 26 U.S.C. Section 856, or institutions instituting the Farm Credit System pursuant to the Farm Credit Act of 1971, or a mortgage loan company or mortgage banker doing business under the laws of this state or the United States which is subject to licensing supervision, or auditing by the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation, or the United States Veterans? Administration, or the Government National Mortgage Association, or the United States Department of Housing and Urban Development, or a successor of any of the foregoing agencies or entities, as an approved seller or servicer, if their principal place of business is in Missouri or a state which is contiguous to Missouri.  MO Rev. Stat. 381.410(4).
 ===Exceptions to Requirements===
 A check shall be exempt from the requirement of certified funds if drawn on:
-(1) An escrow account of a licensed real estate broker; or
+# An escrow account of a licensed real estate broker; or
-(2) An escrow account of a title insurer or title insurance agency licensed to do business in Missouri; or
+# 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
+# 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.  MO Rev. Stat. 381.412.1.
+# An account by a financial institution.
 ==Cross-References==
 * [[Missouri]]
 * [[Good Funds]]

@@ Line 1: / Line 1: @@
 ==Overview==
 ==Sources==
 ==Wet or Dry Settlement==
 Wet
 It is unlawful for any title insurer, title agency, or title agent 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:
-# At least ten days prior to such payment, disbursement, or withdrawal; or
+(1) At least ten days prior to such payment, disbursement, or withdrawal; or
-# Which consisted of certified funds; or
+(2) Which consisted of certified funds; or
-# Consisted of a check made exempt from the certified funds requirement.
+(3) Consisted of a check made exempt from the certified funds requirement.  MO Rev. Stat. 381.412.2.
 ==Definition==
+?Certified funds? means United States currency, funds conveyed by a cashier?s check, certified check, teller?s check, or wire transfers, including written advice from a financial institution that collected funds have been credited to the settlement agent?s account.  MO Rev. Stat. 381.410(2).
 ==Requirements==
+A settlement agent who accepts funds of more than $2,500, for closing a sale of an interest in real estate must require the buyer, seller, or lender that is not a ?financial institution? to convey such funds to the settlement agent in ?certified funds.?  MO Rev. Stat. 381.412.1.  A ?financial institution? is a person or entity doing business under the laws of Missouri or the United States relating to banks, trust companies, savings and loan associations, credit unions, commercial and consumer finance companies, industrial loan companies, insurance companies, small business investment corporations licensed pursuant to the Small Business Investment Act of 1958, or real estate investment trusts as defined in 26 U.S.C. Section 856, or institutions instituting the Farm Credit System pursuant to the Farm Credit Act of 1971, or a mortgage loan company or mortgage banker doing business under the laws of this state or the United States which is subject to licensing supervision, or auditing by the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation, or the United States Veterans? Administration, or the Government National Mortgage Association, or the United States Department of Housing and Urban Development, or a successor of any of the foregoing agencies or entities, as an approved seller or servicer, if their principal place of business is in Missouri or a state which is contiguous to Missouri.  MO Rev. Stat. 381.410(4).
 ===Exceptions to Requirements===
 A check shall be exempt from the requirement of certified funds if drawn on:
 (1) An escrow account of a licensed real estate broker; 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.  MO Rev. Stat. 381.412.1.==Cross-References==
+(4) An account by a financial institution.  MO Rev. Stat. 381.412.1.
 * [[Missouri]]
 * [[Good Funds]]

@@ Line 40: / Line 40: @@
 ==Cross-References==
 * [[Missouri]]
 * [[Good Funds]]

@@ Line 11: / Line 11: @@
 Wet.
 ==Definition==
-“Certified funds” means United States currency, funds conveyed by a cashier’s check, certified check, teller’s check, or wire transfers, including written advice from a financial institution that collected funds have been credited to the settlement agent’s account.  MO Rev. Stat. 381.410(2).
+“Certified funds” means United States currency, funds conveyed by a cashier’s check, certified check, teller’s check, or wire transfers, including written advice from a financial institution that collected funds have been credited to the settlement agent’s account.  [https://law.justia.com/codes/missouri/2011/titlexxiv/chapter381/section381410/ MO Rev Stat § 381.410(2)].
 ==Requirements==
@@ Line 30: / Line 38: @@
 [https://law.justia.com/codes/missouri/2011/titlexxiv/chapter381/section381412/ MO Rev Stat § 381.412.1]
 ==Cross-References==
 * [[Missouri]]
 * [[Good Funds]]

@@ Line 18: / Line 18: @@
 ==Requirements==
-A settlement agent who accepts funds of more than $2,500, for closing a sale of an interest in real estate must require the buyer, seller, or lender that is not a “financial institution” to convey such funds to the settlement agent in “certified funds.”  MO Rev. Stat. 381.412.1.  A “financial institution” is a person or entity doing business under the laws of Missouri or the United States relating to banks, trust companies, savings and loan associations, credit unions, commercial and consumer finance companies, industrial loan companies, insurance companies, small business investment corporations licensed pursuant to the Small Business Investment Act of 1958, or real estate investment trusts as defined in 26 U.S.C. Section 856, or institutions instituting the Farm Credit System pursuant to the Farm Credit Act of 1971, or a mortgage loan company or mortgage banker doing business under the laws of this state or the United States which is subject to licensing supervision, or auditing by the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation, or the United States Veterans’ Administration, or the Government National Mortgage Association, or the United States Department of Housing and Urban Development, or a successor of any of the foregoing agencies or entities, as an approved seller or servicer, if their principal place of business is in Missouri or a state which is contiguous to Missouri.  MO Rev. Stat. 381.410(4).
+A settlement agent who accepts funds of more than $2,500, for closing a sale of an interest in real estate must require the buyer, seller, or lender that is not a “financial institution” to convey such funds to the settlement agent in “certified funds.”  [https://law.justia.com/codes/missouri/2011/titlexxiv/chapter381/section381412/ MO Rev Stat § 381.412.1].  A “financial institution” is a person or entity doing business under the laws of Missouri or the United States relating to banks, trust companies, savings and loan associations, credit unions, commercial and consumer finance companies, industrial loan companies, insurance companies, small business investment corporations licensed pursuant to the Small Business Investment Act of 1958, or real estate investment trusts as defined in 26 U.S.C. Section 856, or institutions instituting the Farm Credit System pursuant to the Farm Credit Act of 1971, or a mortgage loan company or mortgage banker doing business under the laws of this state or the United States which is subject to licensing supervision, or auditing by the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation, or the United States Veterans’ Administration, or the Government National Mortgage Association, or the United States Department of Housing and Urban Development, or a successor of any of the foregoing agencies or entities, as an approved seller or servicer, if their principal place of business is in Missouri or a state which is contiguous to Missouri.  [https://law.justia.com/codes/missouri/2011/titlexxiv/chapter381/section381410/ MO Rev Stat § 381.410(4)].
 ===Exceptions to Requirements===
@@ Line 29: / Line 29: @@
-MO Rev. Stat. 381.412.1.
+[https://law.justia.com/codes/missouri/2011/titlexxiv/chapter381/section381412/ MO Rev Stat § 381.412.1]
 It is unlawful for any title insurer, title agency, or title agent 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:
@@ Line 37: / Line 37: @@
-MO Rev. Stat. 381.412.2.
+[https://law.justia.com/codes/missouri/2011/titlexxiv/chapter381/section381412/ MO Rev Stat § 381.412.2].
 ==Cross-References==
 * [[Missouri]]
 * [[Good Funds]]

@@ Line 4: / Line 4: @@
 ==Wet or Dry Settlement==
-'''Wet'''
+Wet.
 ==Definition of Good Funds==