Bill Text: TX SB1958 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to the disbursement of funds from a trust fund account by a title insurance company, title insurance agent, or escrow officer.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-04-01 - Referred to Business & Commerce [SB1958 Detail]
Download: Texas-2021-SB1958-Introduced.html
| 87R5877 MWC-F | ||
| By: Creighton | S.B. No. 1958 | |
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| relating to the disbursement of funds from a trust fund account by a | ||
| title insurance company, title insurance agent, or escrow officer. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 2651.202, Insurance Code, is amended by | ||
| adding Subsection (a-1) to read as follows: | ||
| (a-1) For the purpose of this section, "good funds" includes | ||
| money received and deposited in an account through an Automated | ||
| Clearing House (ACH) transaction if the ACH transaction is | ||
| irrevocable and final and cannot be canceled or reversed. | ||
| SECTION 2. Section 2652.004, Insurance Code, is amended by | ||
| adding Subsection (a-1) to read as follows: | ||
| (a-1) For the purpose of this section, "good funds" includes | ||
| money received and deposited in an account through an Automated | ||
| Clearing House (ACH) transaction if the ACH transaction is | ||
| irrevocable and final and cannot be canceled or reversed. | ||
| SECTION 3. This Act takes effect January 1, 2022. | ||
