Bill Detail: SB23-047

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Title Confirmed Funds For Closing And Settlement Process
Status Senate Committee on Business, Labor, & Technology Postpone Indefinitely (02/09/2023)
Bill Subjects
  • Financial Services & Commerce
House Sponsors
Senate Sponsors K. Van Winkle (R)
House Committee
Senate Committee Business, Labor and Technology
Date Introduced 01/12/2023

The bill modifies the closing and settlement procedure for real
estate transactions to ensure that the funds intended to be used at closing
have been:
  • Received and deposited into a trust account at least one
business day before the scheduled closing; and
  • Confirmed as deposited and available for immediate
disbursement upon the settlement and closing of the real
estate transaction.
The bill takes effect September 1, 2024.

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