Tag Archive for: Good Funds Law

Ohio Good Funds Law

For Ohio real estate transactions, effective April 6, 2017, the following are the only form of funds a settlement agent may collect and disburse on in connection with a residential real estate transaction:

1. Wire Transfers
2. Checks: Personal, Business, Certified, Cashier’s, Official Check or Money Order. The combined dollar amount of these items cannot exceed $1,000.00
3. Automated Clearing House (ACH) Transfers and checks from the United States, the State of Ohio, or Ohio municipalities
4. Checks from a real estate broker’s escrow/trust account

The practical effect of this new requirement means that if any Ohio borrower is required to bring more than $1,000.00 to the closing table then those funds must be a wire transfer.

Certified or cashier’s checks for more than $1,000.00 will not be accepted.

Please refer to the OhioGoodFundsLawFAQ about this new requirement.