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Committee backs modernizing 'good funds' definition to include real‑time payment systems
Summary
The committee recommended Senate Bill 16 be sent to the Committee of the Whole after sponsors and industry witnesses said the bill updates the definition of acceptable closing funds to include RTP and FedNow, with consumer safeguards and existing enforcement mechanisms preserved.
The House Finance Committee voted to send Senate Bill 16 to the Committee of the Whole with a favorable recommendation after sponsors and industry witnesses described the bill as a technical modernization to allow real‑time payment systems in real‑estate closings.
Sponsor Representative Basenecker described the measure as an update to the statutory term “good funds,” adding modern, instantaneous payment…
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