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A BILL TO BE ENTITLED
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AN ACT
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relating to the disbursement of funds from a trust fund account by a |
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title insurance company, title insurance agent, or escrow officer. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2651.202, Insurance Code, is amended by |
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adding Subsection (a-1) to read as follows: |
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(a-1) For the purpose of this section, "good funds" includes |
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money received and deposited in an account through an Automated |
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Clearing House (ACH) transaction if the ACH transaction is |
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irrevocable and final and cannot be canceled or reversed. |
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SECTION 2. Section 2652.004, Insurance Code, is amended by |
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adding Subsection (a-1) to read as follows: |
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(a-1) For the purpose of this section, "good funds" includes |
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money received and deposited in an account through an Automated |
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Clearing House (ACH) transaction if the ACH transaction is |
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irrevocable and final and cannot be canceled or reversed. |
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SECTION 3. This Act takes effect January 1, 2022. |