Funds deposited with a title agency must be deposited into a Qualified Depository Institution by when?

Funds deposited with a title agency must be deposited into a Qualified Depository Institution by the close of the second business day after receipt. This requirement is designed to ensure that the handling of client funds is secure and efficiently managed, providing protection to both the clients and the title agency.

Depositing funds within this timeframe allows the title agency to maintain a clear and transparent financial record, complying with regulations and ensuring that client funds are not held for extended periods without proper safeguarding. By requiring the deposit to occur within two business days, it strikes a balance between operational efficiency for the agency and the need for security and accountability in financial transactions. This standard also helps in minimizing the risks involved with mishandling or misplacing client funds.