Section 381.412 - Settlement agents, accepting funds, exemption - title insurer, deposit of funds - violation, fine1. 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*, 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.L. 1996 S.B. 664, A.L. 1997 S.B. 148, A.L. 2000 S.B. 894, A.L. 2007S.B. 66, A.L. 2008S.B. 1009
Effective 6/10/2008