Bulletin: NJ000079

Date:
January 20, 2004
To:
All Issuing Offices in New Jersey
RE:
Good Funds Law (Amended by Assembly Bill A-3176)

Dear Associates:

The Statute governing "good funds" received by title agents and disbursed at closing was amended, effective January 9, 2004. In addition to other types of funds (See our underwriting memo NJ 000075), the new law states that funds written on either a New Jersey attorney's trust account or on a New Jersey licensed insurance producers' escrow account are considered to be "collected funds" for the purposes of disbursement of funds by title insurance producers in real estate transactions.

Please call the state office if you have any questions.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
NJ000026 This Bulletin has been replaced by NJ000075.
 
NJ000075 Good Funds [Revised 4-8-15]
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None