Bill Status of HB3064 102nd General Assembly
Short Description: TITLE INSURANCE ACT-VARIOUS
Rep. Camille Y. Lilly
| 3/27/2021||House||Rule 19(a) / Re-referred to Rules Committee|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Title Insurance Act. Provides that it is unlawful for any person, firm, partnership, association, corporation, or other legal entity to act as or hold itself out to be a title insurance agent unless first procuring from the Secretary of Financial and Professional Regulation a certificate of authority. Provides that the Secretary of Financial and Professional Regulation or the Secretary's authorized representative shall have power and authority to compel an independent escrowee's compliance with specified provisions of the Title Insurance Act. Establishes fees for title insurance agents. Provides that every applicant for a certificate of authority that is a firm, partnership, association, corporation, or other legal entity shall designate and name at least one individual who (1) has a financial or other beneficial interest in the licensee and (2) is authorized by at least one title insurance company to determine insurability of title. Establishes requirements for the issuance of certificates of authority to title insurance agents. Changes provisions concerning criminal penalties and injunctive relief for violations and referrals. Makes other changes. Effective immediately, except that the provisions concerning the filing of title insurance rates take effect September 1, 2022.