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1 1 Section 1. NEW SECTION. 543E.1 ABSTRACT TITLE PLANT
1 2 BOARD OF EXAMINERS – DUTIES.
1 3 1. An abstract title plant board of examiners is created
1 4 within the professional licensing and regulation division of
1 5 the department of commerce. The board consists of five
1 6 members appointed by the governor, subject to confirmation by
1 7 the senate. Three of the members appointed shall be actively
1 8 engaged in the business of preparing abstracts of title to
1 9 real property, real property title searches, or other similar
1 10 activities related to real property titles. Members of the
1 11 board shall serve three-year staggered terms as designated by
1 12 the governor and appointments to the board are subject to the
1 13 requirements of sections 69.16, 69.16A, and 69.19. Vacancies
1 14 shall be filled by the governor for the duration of the
1 15 unexpired term. Members of the abstract title plant board of
1 16 examiners are entitled to receive a per diem as specified in
1 17 section 7E.6 for each day spent in performance of duties as
1 18 members and shall be reimbursed for all actual and necessary
1 19 expenses incurred in the performance of duties as members.
1 20 Per diem and expenses shall be paid from the fees collected as
1 21 provided in this section.
1 22 2. The abstract title plant board of examiners shall
1 23 administer the provisions of this chapter in accordance with
1 24 rules adopted by the board pursuant to chapter 17A. Rules
1 25 proposed and adopted pursuant to this section shall do all of
1 26 the following:
1 27 a. Establish minimum requirements which must be met by an
1 28 applicant prior to the issuance of a certificate of
1 29 registration or a conditional certificate of registration.
1 30 b. Establish a reasonable fee to be paid by an applicant
1 31 for a certificate of registration or a conditional certificate
1 32 of registration sufficient to pay for the costs of
1 33 administration of this chapter. Fees collected pursuant to
1 34 this section shall not be deposited in the general fund of the
1 35 state, but shall remain under the control of the professional
2 1 licensing and regulation division and are appropriated to be
2 2 used solely for the administration of this chapter.
2 3 Sec. 2. NEW SECTION. 543E.2 CERTIFICATE OF REGISTRATION
2 4 – FEE ESTABLISHED.
2 5 1. A person shall not engage in the business of preparing
2 6 abstracts of title to real property, real property title
2 7 searches, or other similar activities related to real property
2 8 titles, unless the person has obtained an annual certificate
2 9 of registration from the abstract title plant board of
2 10 examiners. Upon application, the abstract title plant board
2 11 of examiners shall issue a certificate of registration to an
2 12 applicant who satisfies the requirements established in this
2 13 chapter and rules adopted pursuant to this chapter. A
2 14 certificate of registration or a conditional certificate of
2 15 registration issued pursuant to this section shall expire on
2 16 December 31 of each year.
2 17 2. A person engaged in the business of preparing abstracts
2 18 of title to real property, real property title searches, or
2 19 other similar activities related to real property titles in
2 20 this state, and desiring to continue to engage in such acts,
2 21 is required to own or lease, and maintain, an up-to-date
2 22 abstract title plant for each county or that portion of each
2 23 county in which abstracts of title to real property, real
2 24 property title searches, or other similar activities related
2 25 to real property titles are prepared. The abstract title
2 26 plant shall commence not less than forty years prior to the
2 27 effective date of the certification and contain reference to
2 28 applicable public records affecting real property in the
2 29 office of the county recorder within the most recent thirty
2 30 days.
2 31 3. The abstract title plant shall consist of tract indices
2 32 designated to include a geographical area of no more than one
2 33 block in the case of platted real estate, and no more than one
2 34 section in the case of unplatted real estate. The abstract
2 35 title plant shall also include miscellaneous alphabetical name
3 1 indices containing references to instruments, which affect
3 2 real property, that do not specifically describe the real
3 3 property affected.
3 4 4. If an abstract title plant of the county does not exist
3 5 or the owner of an abstract title plant who is registered
3 6 pursuant to this section refuses to provide real property
3 7 title evidence, the abstract title plant board of examiners
3 8 may grant a conditional certificate of registration to the
3 9 applicant subject to conditions deemed appropriate by the
3 10 abstract title plant board of examiners. The conditional
3 11 certificate of registration shall be granted for a period of
3 12 one year to permit the person to prepare abstracts of title,
3 13 real property searches, or other similar activities related to
3 14 real property titles, for the time period consistent with the
3 15 abstract title plant owned or leased by the person. A person
3 16 granted a conditional certificate of registration shall comply
3 17 with the provisions of subsection 2 within the one-year period
3 18 or cease the activities for which the certificate was granted.
3 19 Sec. 3. Section 546.10, subsection 1, Code 1995, is
3 20 amended by adding the following new paragraph:
3 21 NEW PARAGRAPH. f. The abstract title plant board of
3 22 examiners created pursuant to chapter 543E.
3 23 Sec. 4. INITIAL ABSTRACT TITLE PLANT BOARD OF EXAMINERS
3 24 APPOINTMENTS. The initial members of the abstract title plant
3 25 board of examiners shall be appointed to the following terms:
3 26 1. Two members shall be appointed for a term of three
3 27 years.
3 28 2. Two members shall be appointed for a term of two years.
3 29 3. One member shall be appointed for a term of one year.
3 30 Sec. 5. EFFECTIVE DATES.
3 31 1. Section 543E.1, as enacted in this Act, section 546.10,
3 32 subsection 1, paragraph "f", as enacted in this Act, and
3 33 section 4 of this Act take effect July 1, 1998.
3 34 2. Section 543E.2, as enacted in this Act, takes effect
3 35 January 1, 2000.
4 1 EXPLANATION
4 2 This bill creates the abstract title plant board of
4 3 examiners within the professional licensing and regulation
4 4 division of the department of commerce. The board is
4 5 authorized to issue a certificate of registration upon the
4 6 application of a person who engages in the business of
4 7 preparing abstracts of title to real property, real property
4 8 title searches, or other similar activities related to real
4 9 property titles. A person who prepares abstracts of title to
4 10 real property, real property title searches, or other forms of
4 11 real property title evidencing is required to own or lease,
4 12 and maintain, an up-to-date abstract title plant for each
4 13 county in which abstracts of title to real property, real
4 14 property title searches, or other similar activities related
4 15 to real property titles are prepared. The abstract title
4 16 plant board of examiners is to adopt rules for the
4 17 administration of this section.
4 18 The board is to establish a reasonable fee to be paid by
4 19 applicants for a certificate of registration or conditional
4 20 certificate of registration sufficient to pay for the costs of
4 21 administering the section. The fees are to remain under the
4 22 control of the professional licensing and regulation division
4 23 and are not to be deposited in the general fund.
4 24 Section 543E.1, as enacted in this bill, takes effect July
4 25 1, 1998. Section 543E.2, as enacted in this bill, takes
4 26 effect January 1, 2000.
4 27 LSB 4385SZ 76
4 28 mj/jw/5
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