Effective - 28 Aug 2008, 2 histories
381.410. Definitions. — As used in this section and section 381.412, the following terms mean:
(1) "Cashier's check", a check, however labeled, drawn on the financial institution, which is signed only by an officer or employee of such institution, is a direct obligation of such institution, and is provided to a customer of such institution or acquired from such institution for remittance purposes;
(2) "Certified funds", United States currency, funds conveyed by a cashier's check, certified check, teller's check, as defined in Federal Reserve Regulations CC, or wire transfers, including written advice from a financial institution that collected funds have been credited to the settlement agent's account;
(3) "Director", the director of the department of commerce and insurance, unless the settlement agent's primary regulator is another department. When the settlement agent is regulated by such department, that department shall have jurisdiction over this section and section 381.412;
(4) "Financial institution":
(a) A person or entity doing business under the laws of this state 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 under the Small Business Investment Act of 1958, 15 U.S.C. Section 661, et seq., as amended, or real estate investment trusts as defined in 26 U.S.C. Section 856, as amended, or institutions constituting the Farm Credit System under the Farm Credit Act of 1971, 12 U.S.C. Section 2000, et seq., as amended; or
(b) 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;
(5) "Settlement agent", a person, corporation, partnership, or other business organization which accepts funds and documents as fiduciary for the buyer, seller or lender for the purposes of closing a sale of an interest in real estate located within the state of Missouri, and is not a financial institution, or a member in good standing of the Missouri Bar, or a person licensed under chapter 339.
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(L. 1996 S.B. 664, A.L. 2000 S.B. 894, A.L. 2007 S.B. 66, A.L. 2008 S.B. 788)
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 381 - Title Insurance Law
Section 381.011 - Citation of law — purpose statement.
Section 381.019 - Required disclosures.
Section 381.024 - Denial of access and failure to cooperate prohibited, penalty.
Section 381.025 - Consideration for referrals, when, penalty.
Section 381.026 - Recording of deeds and security instruments.
Section 381.029 - Affiliated business — definitions — requirements — rules — violations.
Section 381.038 - Retention of records required, limitation, penalty for violation.
Section 381.042 - Rules, authority, procedure.
Section 381.045 - Violations, penalties.
Section 381.048 - Court actions authorized, when.
Section 381.052 - Persons authorized to conduct title insurance business.
Section 381.055 - Powers of title insurer.
Section 381.068 - Investment in title plant, amount restricted, considered asset.
Section 381.112 - Premium tax, premium income defined.
Section 381.122 - Director authorized to inspect books and records.
Section 381.161 - Contract of title insurance through specific agent, agency, or insurer prohibited.
Section 381.400 - Definitions.