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18-12-703. Closing and settlement services — Disbursement of funds — Penalties.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-12-703. Closing and settlement services — Disbursement of funds — Penalties.
(a)(1) No person, firm, partnership, corporation, or other entity that provides closing and settlement services for a real estate transaction shall disburse funds as a part of such services until those funds have been received and are available for immediate withdrawal as a matter of right from the financial institution in which the funds have been deposited.
(2) However, the person, firm, partnership, corporation, or other entity providing closing and settlement services may advance funds, not to exceed five hundred dollars ($500), on behalf of interested parties for the transaction, to pay incidental fees and charges pertaining to the closing and settlement of the transaction.
(b) Any person, firm, partnership, corporation, or other entity who knowingly and willfully violates the provisions of this subchapter shall be guilty of a Class A misdemeanor.
(c) In addition to the criminal penalty imposed by this section, the prosecuting attorneys of this state shall have the authority to file a petition in circuit court in any county in which a violation of the provisions of this subchapter occurred, for civil enforcement of the provisions of this subchapter by seeking an injunction prohibiting any person, firm, partnership, corporation, or other entity from disbursing funds in violation of this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-12-703
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:18-12-703
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 56c9f112cc047e9dbd0b880b301009aa57839859349b6758d94c8f3a6e776a32
Source location: content.xml paragraph 2167
Stored source content
18-12-703. Closing and settlement services — Disbursement of funds — Penalties.
(a)(1) No person, firm, partnership, corporation, or other entity that provides closing and settlement services for a real estate transaction shall disburse funds as a part of such services until those funds have been received and are available for immediate withdrawal as a matter of right from the financial institution in which the funds have been deposited.
(2) However, the person, firm, partnership, corporation, or other entity providing closing and settlement services may advance funds, not to exceed five hundred dollars ($500), on behalf of interested parties for the transaction, to pay incidental fees and charges pertaining to the closing and settlement of the transaction.
(b) Any person, firm, partnership, corporation, or other entity who knowingly and willfully violates the provisions of this subchapter shall be guilty of a Class A misdemeanor.
(c) In addition to the criminal penalty imposed by this section, the prosecuting attorneys of this state shall have the authority to file a petition in circuit court in any county in which a violation of the provisions of this subchapter occurred, for civil enforcement of the provisions of this subchapter by seeking an injunction prohibiting any person, firm, partnership, corporation, or other entity from disbursing funds in violation of this subchapter.
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