Rule detail : 249027

KNY LEG Real Estate Contracts, Escrow

Updated on: Apr 8, 2025

Apr. 2025 KNY LEG Bill Approval
On Apr. 2, 2025, KNY LEG reported bill approval as Act 156, effective Jun. 26, 2025.

KNY LEG passed SB 76 relating to contracts for the improvement of real estate.
Amends KNY LEG 371.160 (deposit in escrow) and KNY LEG 371.405 (payments).
Bill Provisions
Increases threshold amount for provision to apply to contract, from $500k to $2mn.
Clarifies exclusions applicable to city, county, and local governmental entities.
Declares contract provisions that waive, release, extinguish requirements null, void.
Legislative History
On Jan. 10, 2025, bill introduced in Senate; on Feb. 11, 2025, bill passed in Senate.
On Mar. 11, 2025, bill introduced in House; on Mar. 28, 2025, bill passed in House.
On Mar. 28, 2025, bill signed by the speaker, delivered to the governor for approval.
Effectiveness
If approved, effective 90 days after session ends; expected Mar. 28, so Jun. 26, 2025.
Apr. 2025 KNY LEG Bill Approval
On Apr. 2, 2025, KNY LEG reported bill approval as Act 156, effective Jun. 26, 2025.

Regulators

KNY LEG

Entity Types

Bank; Corp; MG Orig

Reference

PR, Act 156, Bill SB76, 4/2/2025; Bill SB76, 3/28/2025; Citation: *KNY LEG* 371.160, 371.405;

Functions

Compliance; Financial; Legal

Countries

United States of America