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Committee backs updates to 'good funds' law to include real‑time payments and clearinghouse wires
Summary
Senate Finance approved SB 25016 with amendment L002 to add electronic clearinghouse wires and language covering real‑time or instant payments to the statutory definition of good funds; the bill moves to the Committee of the Whole for further floor work.
Senate Bill 25016, which clarifies forms of payment that qualify as "good funds" for real‑estate closings and sets procedures for release of escrowed funds, was advanced unanimously by the Senate Finance Committee after adoption of amendment L002.
The bill retains existing definitions for cashier's checks and Federal Reserve wires and expands the statutory language to include the Clearing House Interbank Payments System and to accommodate emerging real‑time or instant payment systems. Brian Phillips of the Land Title Association of…
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