SB 25-016

Senate Bill 25-016, which has been signed into law, updates how escrow funds are handled in real estate transactions in Colorado. It restricts immediate withdrawals of wire transfer funds to those sent through specific systems operated by the Federal Reserve or Clearing House Payments Company. Additionally, it allows for instant payments made through these companies' real-time payment systems to be available immediately. This affects anyone involved in real estate transactions who uses these types of fund transfers. Since the bill has been signed, its provisions are now law and must be followed in escrow disbursements.

Official Summary

The act modifies the types of funds that are available for immediate withdrawal as a matter of right in real estate transactions by: Limiting wire transfer funds to only those funds that are wired through a funds-transfer system operated by the federal reserve or the Clearing House Payments Company; and Adding a real-time or an instant payment made through a funds-transfer service operated by the federal reserve or the Clearing House Payments Company's real-time payments system.(Note: This summary applies to this bill as enacted.)

Votes