What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
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.
Relates to the licensing of agents of authorized title insurance corporations; repealer
In Assembly Committee · Insurance · Sponsor Kevin Cahill
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5923
Title of bill
An act to amend the insurance law, in relation to the licensing of agents of authorized title insurance corporations; and to repeal certain provisions of such law relating thereto
Purpose
To require persons acting as title agents in this state to obtain a license from department of financial services and to adhere to the requirements of the insurance law in the conduct of their businesses as title agents.
Summary of provisions
Sections 1 through 11 of the bill provide for a definition of "title insurance agent" and add this definition to various sections of the insurance law relating to insurance producers.
Section 12 of the bill adds a new section 2113 to the insurance law prohibiting title agents from paying any percentage of the premium or fees collected to any other agent. Agents are further prohibited from accepting any payment or reimbursement of fees imposed by the superintendent.
Section 13 and 14 provide for definitional changes.
Section 15 provides that title insurance corporations and agents are required to file annual disclosure statements with the superintendent, which shall remain protected and exempt from FOIL requests.
Section 16 provides attorneys are exempt from the continuing education requirements otherwise applicable to title insurance agents.
Section 17 adds a new section 2139 to the insurance law to set forth requirements and standards for the licensing-of title insurance agents.
Section 18 adds a new section 2140 to the insurance law to subject title insurance agents to continuing education requirements.
Sections 19 and 20 provide for definitional changes.
Section 21 provides for anti-inducement penalties.
Section 22 provides for definitional changes.
Section 23 provides the effective date.
Justification
New York State is a state that permits persons to act as title insurance agents but does not regulate and license these agents. The proposed bill is intended to bring title insurance agents under a licensing statute and the direct supervision of the New York State Superintendent of Financial Services. 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.
Legislative history
New bill. Similar to S.4203 of 2010-11
Fiscal implications
The costs incurred by the department of financial services 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
180 days after becoming a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.