FIRSTREGULARSESSION
HOUSEBILLNO.1257
103RDGENERALASSEMBLY
INTRODUCEDBYREPRESENTATIVEOWEN.
2809H.01I JOSEPHENGLER,ChiefClerk
ANACT
Torepealsection381.410,RSMo,andtoenactinlieuthereofonenewsectionrelatingto
fundsusedforrealestatetransactions.
BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows:
SectionA.Section381.410,RSMo,isrepealedandonenewsectionenactedinlieu
2thereof,tobeknownassection381.410,toreadasfollows:
381.410.Asusedinthissectionandsection381.412,thefollowingtermsmean:
2 (1)"Cashier'scheck",acheck,howeverlabeled,drawnonthefinancialinstitution,
3whichissignedonlybyanofficeroremployeeofsuchinstitution,isadirectobligationof
4suchinstitution,andisprovidedtoacustomerofsuchinstitutionoracquiredfromsuch
5institutionforremittancepurposes;
6 (2)"Certifiedfunds",UnitedStatescurrency,fundsconveyedbyacashier'scheck,
7certifiedcheck,orteller'scheck,asdefinedinFederalReserveRegulationsCC,orfunds
8conveyedbywiretransfers[, including] unconditionallyreceivedbythesettlementagent
9ortheagent'sdepository,orfundsconveyedbyareal-timepaymentsystemincluding,
10butnotlimitedto,RTPandFedNow,forwhichasettlementagentreceiveswritten
11advicefromafinancialinstitutionthatcollectedfundshavebeencreditedtothesettlement
12agent'saccount;
13 (3)"Director",thedirectorofthedepartmentofcommerceandinsurance,unlessthe
14settlementagent'sprimaryregulatorisanotherdepartment.Whenthesettlementagentis
15regulatedbysuchdepartment,thatdepartmentshallhavejurisdictionoverthissectionand
16section381.412;
17 (4)"Financialinstitution":
EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis
intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 18 (a)ApersonorentitydoingbusinessunderthelawsofthisstateortheUnitedStates
19relatingtobanks,trustcompanies,savingsandloanassociations,creditunions,commercial
20andconsumerfinancecompanies,industrialloancompanies,insurancecompanies,small
21businessinvestmentcorporationslicensedundertheSmallBusinessInvestmentActof1958,
2215U.S.C.Section661,etseq.,asamended,orrealestateinvestmenttrustsasdefinedin26
23U.S.C.Section856,asamended,orinstitutionsconstitutingtheFarmCreditSystemunderthe
24FarmCreditActof1971,12U.S.C.Section2000,etseq.,asamended;or
25 (b)Amortgageloancompanyormortgagebankerdoingbusinessunderthelawsof
26thisstateortheUnitedStateswhichissubjecttolicensing,supervision,orauditingbythe
27FederalNationalMortgageAssociation,ortheFederalHomeLoanMortgageCorporation,or
28theUnitedStatesVeterans'Administration,ortheGovernmentNationalMortgage
29Association,ortheUnitedStatesDepartmentofHousingandUrbanDevelopment,ora
30successorofanyoftheforegoingagenciesorentities,asanapprovedsellerorservicer,if
31theirprincipalplaceofbusinessisinMissouriorastatewhichiscontiguoustoMissouri;
32 (5)"Settlementagent",aperson,corporation,partnership,orotherbusiness
33organizationwhichacceptsfundsanddocumentsasfiduciaryforthebuyer,sellerorlender
34forthepurposesofclosingasaleofaninterestinrealestatelocatedwithinthestateof
35Missouri,andisnotafinancialinstitution,oramemberingoodstandingoftheMissouriBar,
36orapersonlicensedunderchapter339.
âś”
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