381.410. Definitions.

MISSOURI STATUTES AND CODES

Definitions.

381.410. As used in this section and section 381.412, the followingterms mean:

(1) "Cashier's check", a check, however labeled, drawn on thefinancial institution, which is signed only by an officer or employee ofsuch institution, is a direct obligation of such institution, and isprovided to a customer of such institution or acquired from suchinstitution for remittance purposes;

(2) "Certified funds", United States currency, funds conveyed by acashier's check, certified check, teller's check, as defined in FederalReserve Regulations CC, or wire transfers, including written advice from afinancial institution that collected funds have been credited to thesettlement agent's account;

(3) "Director", the director of the department of insurance,financial institutions and professional registration, unless the settlementagent's primary regulator is another department. When the settlement agentis regulated by such department, that department shall have jurisdictionover this section and section 381.412;

(4) "Financial institution":

(a) A person or entity doing business under the laws of this state orthe United States relating to banks, trust companies, savings and loanassociations, credit unions, commercial and consumer finance companies,industrial loan companies, insurance companies, small business investmentcorporations licensed under the Small Business Investment Act of 1958, 15U.S.C. Section 661, et seq., as amended, or real estate investment trustsas defined in 26 U.S.C. Section 856, as amended, or institutionsconstituting the Farm Credit System under the Farm Credit Act of 1971, 12U.S.C. Section 2000, et seq., as amended; or

(b) A mortgage loan company or mortgage banker doing business underthe laws of this state or the United States which is subject to licensing,supervision, or auditing by the Federal National Mortgage Association, orthe Federal Home Loan Mortgage Corporation, or the United States Veterans'Administration, or the Government National Mortgage Association, or theUnited States Department of Housing and Urban Development, or a successorof any of the foregoing agencies or entities, as an approved seller orservicer, if their principal place of business is in Missouri or a statewhich is contiguous to Missouri;

(5) "Settlement agent", a person, corporation, partnership, or otherbusiness organization which accepts funds and documents as fiduciary forthe buyer, seller or lender for the purposes of closing a sale of aninterest in real estate located within the state of Missouri, and is not afinancial institution, or a member in good standing of the Missouri Bar, ora person licensed under chapter 339, RSMo.