Missouri Revised Statutes
Chapter 381 - Title Insurance Law
Section 381.412 - Settlement agents, accepting funds, exemption — title insurer, deposit of funds — violation, fine.

Effective - 10 Jun 2008, 2 histories
381.412. Settlement agents, accepting funds, exemption — title insurer, deposit of funds — violation, fine. — 1. 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.
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(L. 1996 S.B. 664, A.L. 1997 S.B. 148, A.L. 2000 S.B. 894, A.L. 2007 S.B. 66, A.L. 2008 S.B. 1009)
Effective 6-10-08
*Section 381.009 was repealed by S.B. 66, 2007.

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Structure Missouri Revised Statutes

Missouri Revised Statutes

Title XXIV - Business and Financial Institutions

Chapter 381 - Title Insurance Law

Section 381.011 - Citation of law — purpose statement.

Section 381.015 - Title insurance commitment, required statement, when — lender's insurance policy without owner's title insurance, notice given when, contents, retention — penalty for violation.

Section 381.018 - Written contract with title insurer required for commitment or policy issuance, statement of financial condition when, contents, review and notification requirements, inventory, proof of licensure, penalty for violation.

Section 381.019 - Required disclosures.

Section 381.022 - Title insurer, agency or agent not affiliated with a title agency may operate as an escrow, security, settlement or closing agent, when, penalty for violations.

Section 381.023 - Underwriting claims and escrow practices, review of, required when — standards for review.

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 381.058 - License required for insurer to transact business of title insurance, exclusive to other types of insurance business, limitations — closing or settlement protection authorized.

Section 381.062 - Establishment and maintenance of minimum paid-in capital and paid-in initial surplus necessary for insurance business license.

Section 381.065 - Net retained liability limits, maximum amount — reinsurance allowed — waiver by director of risk, when.

Section 381.068 - Investment in title plant, amount restricted, considered asset.

Section 381.071 - Insurer's duties, policies — examination of title, determination of insurability — showing of liens against title — records kept, duration — exceptions to requirements.

Section 381.072 - Reserve requirements, reserve to cover all known claims — unearned premium reserve, amount, actuarial certification required, supplemental reserve, amount, deadline.

Section 381.075 - Additional insurance laws applicable to title insurers, insurer's supervision, rehabilitation and liquidation act, exceptions — liquidation or insolvency, treatment of security and escrow funds, filing of claims, cancellation of pol...

Section 381.085 - Forms, director to approve before use — contents concerning coverage of policy, when included — disapproval by director, procedure.

Section 381.112 - Premium tax, premium income defined.

Section 381.115 - Licensing required for title agencies and title agents, exceptions — delegation of title searches to third party, rules — violations, penalty.

Section 381.118 - Examination required — education requirements, exemptions — approved courses and programs — teaching credit — credits may be carried forward — extensions and waivers — certification to director of completion — nonresidents — rules —...

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.

Section 381.403 - Title insurance companies and agents may enter into construction escrow agreements and issue insured closing letters.

Section 381.405 - Construction and guaranty agreements not authorized for title insurance companies — title insurance against mechanic liens and insured closing letters, authorized.

Section 381.410 - Definitions.

Section 381.412 - Settlement agents, accepting funds, exemption — title insurer, deposit of funds — violation, fine.