Text: HSB00542 Text: HSB00544 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 515.48, Code 1995, is amended by adding 1 2 the following new subsection: 1 3 NEW SUBSECTION. 9A. Insure against loss or damage by 1 4 reason of defective title, encumbrances, or otherwise. 1 5 Sec. 2. Section 515.48, subsection 10, Code 1995, is 1 6 amended to read as follows: 1 7 10. Insure any additional risk not specifically included 1 8 within any of the foregoing classes, which is a proper subject 1 9 for insurance, is not prohibited by law or contrary to sound 1 10 public policy, and which, after public notice and hearing, is 1 11 specifically approved by the commissioner of insurance, except1 12title insurance or insurance against loss or damage by reason1 13of defective title, encumbrances or otherwise. When such 1 14 additional kind of insurance is approved by the commissioner, 1 15 the commissioner shall designate within which classification 1 16 of risks provided for in section 515.49 it shall fall. 1 17 Sec. 3. Section 535.8, subsection 2, paragraph b, Code 1 18 1995, is amended by adding the following new subparagraph: 1 19 NEW SUBPARAGRAPH. (11) Title insurance premiums. 1 20 Sec. 4. NEW SECTION. 535A.13 DISCLOSURE OF TITLE 1 21 ASSURANCE OPTIONS. 1 22 A financial institution shall advise a prospective borrower 1 23 of the available title assurance options, in addition to an 1 24 abstract and title opinion, including, at a minimum, the 1 25 following: 1 26 1. A title guaranty owner's certificate issued by the 1 27 title guaranty program pursuant to chapter 16. 1 28 2. A title insurance owner's policy from a title insurer 1 29 or a title insurance agent licensed by the commissioner of 1 30 insurance. 1 31 EXPLANATION 1 32 This bill authorizes the sale of title insurance in this 1 33 state. The bill also directs a financial institution to 1 34 advise a prospective borrower of the available title assurance 1 35 options, including a title guaranty owner's certificate issued 2 1 by the title guaranty program and a title insurance owner's 2 2 policy from a title insurer or a title insurance agent 2 3 licensed by the commissioner of insurance. 2 4 LSB 3777HC 76 2 5 mj/jj/8
Text: HSB00542 Text: HSB00544 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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