§ 18-12-701. Title

This subchapter shall be known and may be cited as the “Disbursement of Funds as Part of Real Estate Closing and Settlement Services Act”.

§ 18-12-702. Definitions

As used in this subchapter: (1) “Available for immediate withdrawal as a matter of right” means the following: (A) For any item or draft, when the item or draft has been submitted for collection and payment received; and (B) For any deposited item or draft, when final settlement has occurred; (2) “Closing and settlement services” […]

§ 18-12-703. Closing and settlement services — Disbursement of funds — Penalties

(a) (1) No person, firm, partnership, corporation, or other entity that provides closing and settlement services for a real estate transaction shall disburse funds as a part of such services until those funds have been received and are available for immediate withdrawal as a matter of right from the financial institution in which the funds […]