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Minutes for HB2663 - Committee on Insurance
Short Title
Allowing title insurance agents to submit escrow, settlement or closing funds through certain real-time or instant payment systems.
Minutes Content for Wed, Feb 7, 2024
The Chair opened the hearing on HB2663, an Act concerning insurance; relating to title insurance, allowing title insurance agencies to submit escrow, settlement, and closing funds through certain real-time or instant payment systems. Assistant Revisor Weiss provided a brief overview of the bill and stood for questions.(Attachment 1) It was disclosed this option is being added, not mandated. The following proponent testimony was provided:
Dave Blomquist, Kansas Land and Title Association, (Attachment 2). Mr. Blomquist elaborated HB2663 would amend current law to allow for a sixth option, to accept real time or instant payment through FedNow service operated by federal reserve banks or the clearing house payment company's real-time payments system. The conferee stood for a brief question and answer period.
- Written only testimony, Joseph Molina, Kansas Bar Association, (Attachment 3)
- Written only testimony, Brandon Fenton, Kansas Board of Realtors, (Attachment 4)
- There were no opponents or neutral conferees.
The Chair closed the hearing on HB2663.
The Chair closed the meeting at 3:50PM.
