Difference between revisions of "Title Agent Banking Requirements in Missouri"
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==Account Requirements== | ==Account Requirements== | ||
| − | Funds must be kept in a separate fiduciary account or accounts in a qualified depository institution. Funds must be deposited by the close of the 2nd business day after receipt. Mo. Ann. Stat. § 381.022(2). | + | Missouri does not require that escrow funds be held in any special type of fiduciary account. Funds must be kept in a separate fiduciary account or accounts in a qualified depository institution. Funds must be deposited by the close of the 2nd business day after receipt. Mo. Ann. Stat. § 381.022(2). |
==Domiciliary Requirements== | ==Domiciliary Requirements== | ||
Latest revision as of 06:50, 27 September 2019
Overview
Missouri banking requirements follow those in the majority of states.
Account Requirements
Missouri does not require that escrow funds be held in any special type of fiduciary account. Funds must be kept in a separate fiduciary account or accounts in a qualified depository institution. Funds must be deposited by the close of the 2nd business day after receipt. Mo. Ann. Stat. § 381.022(2).
Domiciliary Requirements
Missouri does not require that escrow funds be held in a bank domiciled in Missouri. A national Escrow Account may be used.
