What's happening
This bill directs the superintendent of financial services to study and report on title insurance premium rates and related service charges in New York.
Why it matters
Potential to Lower Homebuying Costs. By analyzing title insurance premium rates and exploring steps to reduce them, the study could lead to recommendations that make buying or refinancing a home in New York more affordable for consumers.
Transparency on Extra Fees. The required report will identify what additional service charges are commonly added to title insurance bills, shedding light on potentially hidden or confusing costs that affect buyers and sellers at closing.
Foundation for Regulatory Reform. The findings could provide lawmakers and regulators with data needed to justify changes in how title insurance rates are set or how fees are disclosed, possibly leading to stronger consumer protections and fairer industry practices.
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
Study Title Insurance Rates
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to insurance
- Referred to insurance
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
362
2025-2026 Regular Sessions
IN ASSEMBLY (Prefiled)
January 8, 2025
Introduced by M. of A. WEPRIN -- 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.
LBD01187-01-5
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.