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Text: HSB00121                          Text: HSB00123
Text: HSB00100 - HSB00199               Text: HSB Index
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House Study Bill 122

Bill Text

PAG LIN
  1  1    Section 1.  Section 16.2, subsection 1, unnumbered
  1  2 paragraph 2, Code 1997, is amended to read as follows:
  1  3    A title guaranty division is created within the authority.
  1  4 The powers of the division relating to the issuance of title
  1  5 guaranties are vested in and shall be exercised by a division
  1  6 board of five members appointed by the governor subject to
  1  7 confirmation by the senate.  The membership of the board shall
  1  8 include an attorney, an abstractor, a real estate broker, a
  1  9 representative of a mortgage-lender, and a representative of
  1 10 the housing development industry.  The executive director of
  1 11 the authority shall appoint an attorney as a director of the
  1 12 title guaranty division who shall serve as an ex officio
  1 13 member of the board.  The appointment of and compensation for
  1 14 the division director are exempt from the merit system
  1 15 provisions of chapter 19A.
  1 16    Sec. 2.  Section 16.91, subsection 3, Code 1997, is amended
  1 17 to read as follows:
  1 18    3.  With the approval of the authority board the division
  1 19 and its board shall consult with the insurance division of the
  1 20 department of commerce in developing a guaranty contract
  1 21 acceptable to the secondary market and developing any other
  1 22 feature of the program with which the insurance division may
  1 23 have special expertise.  The insurance division shall
  1 24 establish the amount for a loss reserve fund and regulate any
  1 25 other feature of the program which would otherwise be
  1 26 regulated by the insurance division.  Except as provided in
  1 27 this subsection, the title guaranty program is not subject to
  1 28 the jurisdiction of or regulation by the insurance division or
  1 29 the commissioner of insurance.
  1 30    Sec. 3.  Section 505.8, Code 1997, is amended by adding the
  1 31 following new subsection:
  1 32    NEW SUBSECTION.  7.  The commissioner shall supervise
  1 33 features of the title guaranty program established in section
  1 34 16.91 which are within the jurisdiction of the insurance
  1 35 division.  
  2  1                           EXPLANATION
  2  2    This bill strikes the requirement that the director of the
  2  3 title guaranty division be an attorney.
  2  4    This bill also provides that the insurance division of the
  2  5 department of commerce is to regulate the title guaranty
  2  6 program to the extent that the various features of the program
  2  7 fall within the jurisdiction of the insurance division.  
  2  8 LSB 1498YC 77
  2  9 mj/cf/24
     
Text: HSB00121                          Text: HSB00123
Text: HSB00100 - HSB00199               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index
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