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A4224Assembly2019-2020 Session

Study Title Insurance Rates

Official title

“Authorizes superintendent of financial services to conduct a study and make recommendations on title insurance premium rates in N.Y. state”

Sponsor David WeprinAD-24Affects Finance
Status
In Assembly Committee
Insurance
Impact
2/10
Minimal
Passage
0%

Bill progress

Step 2 of 7

In committee · Insurance

What's happening

This bill directs the superintendent of financial services to study and report on New York title insurance premium rates and related charges.

Why it matters

  1. Title insurance is a required cost in most home purchases and real estate transactions, so a study of these premium rates could identify whether New Yorkers are paying more than necessary, potentially leading to savings for homebuyers and property owners.

  2. By analyzing what service charges are regularly added to customers' bills, the report may uncover hidden or excessive fees, increasing transparency and allowing consumers to better understand and potentially challenge these costs.

  3. The bill explicitly requires the study to explore steps that could reduce title insurance rates, which could prompt policy changes or industry reforms that benefit consumers and make homeownership more affordable.

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Who cares

Headline styles

Study Title Insurance Rates

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
David Weprin

Assembly Member · Assembly District 24

Chair, Insurance

History

  1. Referred to insurance
  2. Referred to insurance

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

4224

2019-2020 Regular Sessions

IN ASSEMBLY

February 1, 2019

Introduced by M. of A. WEPRIN -- Multi-Sponsored by -- M. of A. GOTT- FRIED, PEOPLES-STOKES -- read once and referred to the Committee on Insurance

AN ACT in relation to directing the superintendent of financial services to conduct a study and issue a report regarding title insurance premium rates

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. 1. The superintendent of financial services is hereby authorized and directed to conduct a comprehensive study on title insurance premium rates.

2. Within one year of the effective date of this act the superintendent of financial services shall issue a report to the governor and the legislature. Such study and report shall include but shall not be limited to:

a. an analysis of title insurance premium rates in New York state;

b. steps that can be taken to reduce such rates; and

c. what service charges are regularly added to customers' bills for title services.

§ 2. This act shall take effect immediately.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD08384-01-9

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.