Bill Text: CT HB05266 | 2014 | General Assembly | Introduced

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Bill Title: An Act Concerning The Treatment Of Certified Checks As Cash For Purposes Of Real Estate Closings.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2014-02-21 - Public Hearing 02/25 [HB05266 Detail]

Download: Connecticut-2014-HB05266-Introduced.html

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General Assembly		Raised Bill No. 5266
February Session, 2014		LCO No. 1135
		*01135_______BA_*
Referred to Committee on BANKS
Introduced by:
(BA)

AN ACT CONCERNING THE TREATMENT OF CERTIFIED CHECKS AS CASH FOR PURPOSES OF REAL ESTATE CLOSINGS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (NEW) (Effective October 1, 2014) Each bank, out-of-state bank, Connecticut credit union, federal credit union and out-of-state credit union shall treat a certified check as cash for purposes of allowing a real estate transaction occurring in this state to close on the date such certified check is presented for payment.

This act shall take effect as follows and shall amend the following sections:
Section 1	October 1, 2014	New section

Statement of Purpose:

To allow real estate closings to proceed without undue delay.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]