HB 5160

Abstract

Amends the Mortgage Act. Provides that any person who is required to pay or deliver funds to complete a real estate closing shall do so at the closing. Provides a definition of a real estate closing. Provides that a person who wants to make a wire transfer at a closing shall make contact with the person or entity that will receive the funds prior to the closing to determine if a wire transfer can be made and, if so, the details of effecting the transfer. Provides that a person who fails to make any required payment at a closing is liable to any party involved in the closing who incurs a loss or expense because of the failure to make the payment at the closing, plus costs and reasonable attorney's fees. Effective immediately.