S.B. 329

VETOES

(I)       THE CONSUMER BORROWER NOTIFIES THE CREDIT GRANTOR,
WITHIN 7 DAYS AFTER APPLICATION FOR THE LOAN, OF THE NAME AND BUSINESS
ADDRESS OF THE BORROWER'S CHOICE OF ATTORNEY OR TITLE INSURANCE
COMPANY TO PERFORM THE TITLE SEARCH, EXAMINATION OF TITLE, OR CLOSING;
AND

(II)     THE CREDIT GRANTOR DOES NOT REJECT THE CONSUMER
BORROWER'S CHOICE OF ATTORNEY OR TITLE INSURANCE COMPANY FOR GOOD
CAUSE WITHIN 7 DAYS AFTER THE RECEIPT OF THE NOTICE UNDER ITEM (I) OF THIS
PARAGRAPH.

(2) SUBJECT TO THE REQUIREMENTS OF SUBSECTION (B) OF THIS
SECTION, THIS SUBSECTION MAY NOT BE CONSTRUED TO PROHIBIT A CREDIT
GRANTOR FROM REQUIRING A CONSUMER BORROWER TO PAY FOR:

(I)       PREPARATION OF LOAN CLOSING DOCUMENTS;

(II)     TITLE INSURANCE;

(III)    REVIEW OF DOCUMENTS PREPARED BY THE BORROWER'S
ATTORNEY; OR

(IV)    ATTENDANCE AT SETTLEMENT BY THE CREDIT GRANTOR'S
ATTORNEY.

(D) (1) ANY CREDIT GRANTOR THAT IMPOSES FEES ON A CONSUMER
BORROWER FOR SETTLEMENT SERVICES, OR DOCUMENT REVIEW ...SERVICES,
PERFORMED BY AN ATTORNEY DESIGNATED BY THE CREDIT GRANTOR, OR WHO
CONDITIONS SETTLEMENT ON THE EMPLOYMENT OF A PARTICULAR ATTORNEY OR
TITLE INSURANCE COMPANY, SHALL PROVIDE A PROSPECTIVE CONSUMER
BORROWER WITH A WRITTEN NOTICE STATING:

(I)       THE CREDIT GRANTOR'S REQUIREMENTS CONCERNING
SELECTION OF AN ATTORNEY, TITLE INSURANCE COMPANY, OR OTHER PERSON TO
PERFORM SETTLEMENT SERVICES RELATING TO THE PURCHASE OF THE
RESIDENTIAL REAL PROPERTY;

(II)     THE CONSUMER BORROWER'S ABILITY TO CHOOSE AN
ATTORNEY OR TITLE INSURANCE COMPANY UNDER SUBSECTION (C) OF THIS
SECTION; AND

(III)    A GOOD FAITH ESTIMATE OF THE FEE OR FEES TO BE
CHARGED TO THE BORROWER.

(2) (I) THE NOTICE REQUIRED UNDER THIS SUBSECTION SHALL BE
PROVIDED AT THE TIME OF OR WITHIN 3 BUSINESS DAYS AFTER THE APPLICATION
FOR A LOAN, OR EARLIER UPON REQUEST.

(II) A COPY OF THE NOTICE, SIGNED BY THE APPLICANT, SHALL
ACCOMPANY ANY EXECUTED APPLICATION FOR A LOAN.

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