TITLE: Relating to the disbursement of funds from a trust fund account by a title insurance company, title insurance agent, or escrow officer.

SUMMARY: Relating to the disbursement of funds from a trust fund account by a title insurance company, title insurance agent, or escrow officer.

FULL TEXT:
AN ACT 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.