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Committee backs bill allowing modern real-time payment systems as "good funds" for closings
Summary
House Finance Committee voted unanimously to send Senate Bill 16 to Committee of the Whole after sponsors said the bill expands the statutory list of "good funds" to include Federal Reserve and other real-time payment systems and adopted a technical House amendment.
The House Finance Committee voted 13-0 to advance Senate Bill 16, a bill that updates Colorado's definition of "good funds" for real estate closings to include modern real-time or instant payment systems such as Federal Reserve-operated services.
Representative Basenecker, the sponsor on the House side, told the committee the bill "keeps all existing forms of good funds and adds the use of modern payment systems, including real time or instant…
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