The headline reads "Perry Twp. homebuyers scammed out of $20,000 say new Ohio law made them vulnerable to wire fraud."  According to the article, the couple buying a home received an email that appeared to be from their Realtor instructing them to wire more than $20,000 to a bank in New York.  They went to their bank and wired the funds.  The next day, the title company closing their purchase called to look for their downpayment.  

This is a very sad story.  Hopefully, it will lead to a change in the good funds law to allow title companies to use their judgment on how to best ensure they have good funds for closings, while also protecting consumers from potential fraud.  

I'm just guessing, but this nice couple has probably never had to wire funds before. In all likelihood, they would have not have wired funds this time, but for an Ohio law that required it.  Had they brought a cashier's check to their closing, they would be decorating their new home today.  It is not a stretch to blame the Ohio Good Funds Law for this devastating loss.  

And, the title company could easily verify that a cashier's check is good by calling the issuing bank - particularly here where it would have been drawn on a local bank.   

The article says "the Akron Cleveland Association of Realtors told News 5 the Good Funds law was changed to protect consumers against bad checks in real estate transactions."  I do not believe it.  This law was meant to protect title companies, not consumers.  It actually places consumers in jeopardy.