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Who cares
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Sponsors
2 Co-sponsors
History
- Referred to insurance
- Referred to rules
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides for the licensing of agents of title insurance companies
In Assembly Committee · Insurance · Sponsor Brian Kavanagh
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the insurance law, in relation to licensing of agents of title insurance corporations
Purpose or general idea of bill
To require persons acting as title agents in this state to obtain a license from the state insurance department and to adhere to the requirements of the insurance law in the conduct of their businesses as title agents.
Summary of provisions
Section one of this bill adds a new article 21-A to the insurance law to license title insurance agents and to govern their activities under such license.
Sections two through seven of the bill add a definition of title insurance agent to section 107 of the insurance law and make sections 304(b), 305(b), 326(b), 327(a) and 2324(a) and (b) of the insurance law applicable to title insurance agents.
Justification
New York State is a state that permits business entities, not licensed as an attorney, to act as title insurance agents but does not regulate and license these agents. The proposed bill is intended to bring non attorney title insurance agents under a licensing statute and the direct supervision of the New York State Superintendent of Insurance. Title insurance agents handle large amounts of money on a daily basis. Title agents collect and remit premiums, hold and manage indemnity escrow accounts, mortgage and transfer taxes and, on occasion, hold and disburse closing proceeds. It is essential for the protection of the public that the Insurance Law establish minimum standards of education and technical proficiency as well as general rules for the conduct of the title insurance agency business for all persons acting as title insurance agents. The proposed bill imposes monetary and other penalties, including suspension and revocation of an agent's license, for violations of the Insurance Law.
Prior legislative history
2007-2008: A.1743A/S.877A
2006-2007: A.11979/S.8132
Fiscal implications
The costs incurred by the state insurance department in licensing and regulating title insurance agents will be offset by licensing fees to be paid by applicants for such licenses and for renewals thereof.
Effective date
Sections one through seven of the bill shall take effect July 1, 2010, except that subsections (a) and (b) of section 2152 of the insurance law, as added by section 1 of the bill, shall take effect on January 1, 2011.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.