|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S.B. 463
|
|
|
|
|
|
VETOES
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) the education, experience, and examination requirements of this
subtitle relating to title insurance producers do not apply to individual attorneys]
(1) (I) THE LICENSING, BONDING, EDUCATION, EXPERIENCE, AND
EXAMINATION REQUIREMENTS OF THIS SUBTITLE RELATING TO TITLE INSURANCE
PRODUCERS DO NOT APPLY TO LAW FIRMS; AND
(2) (II) EXCEPT AS OTHERWISE PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, THE BONDING, EDUCATION, EXPERIENCE, AND EXAMINATION
REQUIREMENTS OF THIS SUBTITLE RELATING TO TITLE INSURANCE PRODUCERS DO
NOT APPLY TO ATTORNEYS.
(2) THE BONDING REQUIREMENTS OF THIS SUBTITLE ARE APPLICABLE
TO:
(I) AN ATTORNEY OR AN ASSOCIATION OF ATTORNEYS WHO OWN,
OPERATE, OR SHARE AN INTEREST IN A TITLE AGENCY; AND
(II) AN ATTORNEY WHO IS EMPLOYED BY A TITLE AGENCY AS A
TITLE INSURANCE PRODUCER
22-102.
(a) [When] EXCEPT AS PROVIDED IN SUBSECTION (D) OF THIS SECTION,
WHEN, in connection with a real estate transaction that involves a purchase money
mortgage or deed of trust on land in the State, a title insurer accepts a premium for
a policy that insures the title to the property or the title insurer, its agent, or
employee accepts a premium for mortgagee title insurance, the person first accepting
the premium:
(1) shall insert the name of each insured in the binder for the title
insurance or the title report; and
(2) immediately on receipt of the premium, shall deliver to the buyer or
agent or attorney of the buyer written notice:
(i) of the name of each insured under the policy;
(ii) of the face amount of the policy;
(iii) of the buyer's right and opportunity to obtain simultaneous title
insurance in the buyer's favor;
(iv) of the additional premium that will be required for purchase of
simultaneous title insurance in the buyer's favor;
(v) that the buyer's title insurance will be subject only to the
contingencies and conditions contained in the binder, title report, and policy;
(vi) of the buyer's right to review a sample of the form of policy in
which the contingencies and conditions will be inserted; and
|
|
|
|
|
|
|
|
|
|
- 3132 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
