Bill Status of SB0207 102nd General Assembly
Short Description: TITLE INSURANCE ACT-VARIOUS
Sen. Omar Aquino
| 4/16/2021||Senate||Rule 3-9(a) / Re-referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Title Insurance Act. Provides that it is unlawful for any person or legal entity to act as or hold itself out to be a title insurance agent without procuring a title insurance license from the Secretary of Financial and Professional Regulation. Provides that every title insurance agent shall pay specified fees. Provides requirements concerning eligibility for title insurance licensure. Grants the Department of Financial and Professional Regulation rulemaking authority for alternate methods of obtaining errors and omissions insurance. Provides requirements concerning rate and service fee filing requirements. Provides that the Secretary shall examine rating organizations at least once every 5 years. Provides that the Secretary may impose a penalty of not more than $5,000 for willful violations of the Act. Provides that the Secretary shall submit a report to the Governor and General Assembly no later than January 1, 2027 regarding separate filings for multiple geographic zones. Provides grounds by which the Secretary may refuse to grant, or suspend or revoke any license issued under the Act or impose a fine. Repeals a provision concerning the Secretary's authority to adjust certain fees. Makes other changes. Effective immediately, except the provisions concerning rate and service fee filing requirements take effect September 1, 2022.
|Date||Chamber|| Action|| 2/17/2021||Senate||Filed with Secretary by Sen. Omar Aquino|| 2/17/2021||Senate||First Reading|| 2/17/2021||Senate||Referred to Assignments|| 2/24/2021||Senate||Assigned to Judiciary|| 4/16/2021||Senate||Rule 3-9(a) / Re-referred to Assignments|