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PAG LIN
1 1 Section 1. NEW SECTION. 9I.1 ABSTRACT TITLE PLANT –
1 2 SECRETARY OF STATE – DUTIES.
1 3 The secretary of state shall administer the provisions of
1 4 this chapter in accordance with rules adopted by the secretary
1 5 pursuant to chapter 17A. Rules proposed and adopted pursuant
1 6 to this section shall do all of the following:
1 7 a. Establish minimum requirements which must be met by an
1 8 applicant prior to the issuance of a certificate of
1 9 registration or a conditional certificate of registration.
1 10 b. Establish a reasonable fee to be paid by an applicant
1 11 for a certificate of registration or a conditional certificate
1 12 of registration sufficient to pay for the costs of
1 13 administration of this chapter.
1 14 Sec. 2. NEW SECTION. 9I.2 CERTIFICATE OF REGISTRATION –
1 15 FEE ESTABLISHED.
1 16 1. A person shall not engage in the business of preparing
1 17 abstracts of title to real property or executing real property
1 18 title searches, unless the person has obtained a certificate
1 19 of registration from the secretary of state. Upon application
1 20 and payment of a fee established by the secretary, the
1 21 secretary shall issue a certificate of registration to an
1 22 applicant who satisfies the requirements established in this
1 23 chapter and the rules adopted pursuant to this chapter.
1 24 2. A person engaged in the business of preparing abstracts
1 25 of title to real property or executing real property title
1 26 searches in this state, and desiring to continue to engage in
1 27 such acts, is required to own or lease, and maintain, an up-
1 28 to-date abstract title plant for each county or that portion
1 29 of each county in which abstracts of title to real property or
1 30 real property title searches are prepared. The abstract title
1 31 plant shall commence not less than forty years prior to the
1 32 effective date of the certification and contain reference to
1 33 applicable public records affecting real property in the
1 34 office of the county recorder within the most recent thirty
1 35 days.
2 1 3. The abstract title plant shall consist of tract
2 2 indices, or a system, designated to include a geographical
2 3 area of no more than one block in the case of platted real
2 4 estate, and no more than one section in the case of unplatted
2 5 real estate. The abstract title plant shall also include
2 6 miscellaneous alphabetical name indices, or a system,
2 7 containing references to instruments, which affect real
2 8 property, that do not specifically describe the real property
2 9 affected.
2 10 4. If an abstract title plant of the county does not exist
2 11 or the owner of an abstract title plant who is registered
2 12 pursuant to this section refuses to provide real property
2 13 title evidence, the secretary may grant a conditional
2 14 certificate of registration to the applicant subject to
2 15 conditions deemed appropriate by the secretary. The
2 16 conditional certificate of registration shall be granted for a
2 17 period of one year to permit the person to prepare abstracts
2 18 of title and real property title searches for the time period
2 19 consistent with the abstract title plant owned or leased by
2 20 the person. A person granted a conditional certificate of
2 21 registration shall comply with the provisions of subsection 2
2 22 within the one-year period or cease the activities for which
2 23 the certificate was granted.
2 24 Sec. 3. EFFECTIVE DATE. Section 9I.2, as enacted in this
2 25 Act, takes effect January 1, 2001.
2 26 EXPLANATION
2 27 This bill creates new Code chapter 9I and directs the
2 28 secretary of state to establish minimum requirements for the
2 29 issuance of a certificate of registration or conditional
2 30 certificate of registration to persons engaged in the business
2 31 of preparing abstracts of title to real property or executing
2 32 real property title searches. A person who prepares abstracts
2 33 of title to real property or real property title searches is
2 34 required to own or lease, and maintain, an up-to-date abstract
2 35 title plant for each county in which abstracts of title to
3 1 real property, real property title searches are prepared. The
3 2 secretary of state is to adopt rules for the administration of
3 3 this section including establishing a reasonable fee to be
3 4 paid by an applicant for a certificate of registration which
3 5 is sufficient to pay for the costs of administering the
3 6 chapter.
3 7 Code section 9I.2, as created in this bill, and which
3 8 requires certification prior to preparing abstracts or
3 9 executing title searches takes effect January 1, 2001.
3 10 LSB 2140SV 77
3 11 mj/jj/8
Text: SF00395 Text: SF00397 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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