Banking Secrecy Act (BSA): Federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering, including requirements for reporting and record-keeping.
USA PATRIOT Act: Federal legislation that strengthens customer identification requirements and anti-money laundering measures for financial institutions handling escrow accounts.
Electronic Funds Transfer Act (EFTA): Federal law governing electronic fund transfers, providing a framework for rights, liabilities, and responsibilities of participants in electronic fund transfer systems.
Truth in Lending Act (TILA): Federal law requiring clear disclosure of lending terms and costs, which may apply to certain escrow arrangements involving credit.
Regulation E: Federal regulation implementing the Electronic Fund Transfer Act, establishing rules for electronic banking services and consumer rights.
Federal Deposit Insurance Act: Federal law establishing the FDIC and providing framework for deposit insurance and regulation of financial institutions.
State Banking Laws: State-specific regulations governing banking operations and financial services, including escrow account management.
State Escrow Laws: State-specific laws regulating escrow services, requirements, and operations within the particular state's jurisdiction.
State Licensing Requirements: State-specific requirements for licensing and maintaining escrow agent operations, including bonding and insurance requirements.
State Consumer Protection Laws: State-specific laws designed to protect consumers in financial transactions, including escrow services.
Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes, including requirements for escrow accounts in real estate transactions.
FinCEN Regulations: Federal regulations from Financial Crimes Enforcement Network regarding anti-money laundering and financial crime prevention.
CFPB Guidelines: Consumer Financial Protection Bureau guidelines protecting consumers in financial transactions, including escrow services.
ALTA Guidelines: American Land Title Association professional standards for title insurance and settlement services, including escrow operations.
State Escrow Association Standards: Professional standards and best practices established by state-level escrow associations.
American Escrow Association Guidelines: National professional standards and best practices for escrow services and operations.
Uniform Commercial Code (UCC): Standardized state laws governing commercial transactions, including aspects of escrow arrangements.
State Contract Laws: State-specific laws governing formation and enforcement of contracts, including escrow agreements.
Statute of Frauds: Legal requirement that certain contracts must be in writing to be enforceable, affecting escrow agreement documentation.
