{"data":{"id":"us-mo/mo.-rev.-stat.-381.412","jurisdiction":"us-mo","citation":"Mo. Rev. Stat. § 381.412","heading":"Settlement agents, accepting funds, exemption — title insurer, deposit of funds — violation, fine.","body":"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:\n(1) An escrow account of a licensed real estate broker, as regulated and described in section 339.105; or\n(2) An escrow account of a title insurer or title insurance agency licensed to do business in Missouri; or\n(3) An agency of the United States of America, the state of Missouri, or any county or municipality of the state of Missouri; or\n(4) An account by a financial institution.\n2. 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:\n(1) At least ten days prior to such payment, disbursement, or withdrawal; or\n(2) Which consisted of certified funds; or\n(3) Consisted of a check made exempt from this section by the provisions of subsection 1 of this section.\n3. A violation of any provision of this section is a level two violation under section 374.049.","path":["Title XXIV - BUSINESS AND FINANCIAL INSTITUTIONS","Chapter 381 - Title Insurance Law"],"source_url":"https://revisor.mo.gov/main/OneSection.aspx?section=381.412","current_through":"2026 legislative session (floor)","vintage":"","retrieved_at":"2026-09-03T22:23:27Z","sha256":"56e11f1b7881bfb97d7860e42d3928986724ef0036466d87043989b2496a1a30","source_id":"us-mo","stale":false,"prev":"us-mo/mo.-rev.-stat.-381.410","next":"us-mo/mo.-rev.-stat.-382.010"},"notice":"GroundRules: Original legal text. Not legal advice."}