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1999 State Legislative Report - Kansas

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I CIVIL ACTIONS
II ENVIRONMENTAL ISSUES
III. ESCROWS
Settlements
Senate Bill 60:

This bill is the escrow regulation bill, (see the attached copy of Senate Bill 60). The insurance commission will be responsible for enforcing the bill. The bill contains the following provisions, to wit:

No funds can be paid without written instruction of the parties or in accordance with the contract: The title company cannot collect interest on escrow funds without the consent of the parties; The title company cannot commingle escrow funds with company funds and the title company’s records must allow escrow funds to be individually identified; All funds in excess of $2,500.00 must be "good funds" as described below: cash; wire transfers unconditionally received; cashiers checks, certified checks, or bank money orders; funds from governmental agencies, Kansas real estate brokers, or Kansas title companies; on deposit for 10 days. Each title company must have an audit performed by an underwriter or CPA. The frequency of the audit will depend upon the population of the county in which the company is located and is as follows, to wit: Every year in counties over 40,001 population; Every 2nd year in counties of 20,001 to 40,000 population; Every 3rd year in counties under 20,000 population; Attorneys issuing title insurance as a part of their law practice are exempt from the audit provisions;

Finally, the bill requires the title company to carry a bond or letter of credit to protect against a financial failure of the company. The amount of the bond is tied to the population and is as follows, to wit:

$100,000 for counties over 40,001;
$50,000 for counties over 20,001 to 40,000;
$25,000 for counties under 20,000.

IV. INSURANCE / BUSINESS ISSUES
V. STATUTORY LIENS
VI. TAXES
VII. PUBLIC ENTITIES
VIII. REAL PROPERTY INTERESTS
IX. DEEDS AND SECURITY INTERESTS
X. RECORDING


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