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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 shall consist 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 or executing real property title searches.
1 10 Members of the board shall serve three-year staggered terms as
1 11 designated by the governor and appointments to the board are
1 12 subject to the requirements of sections 69.16, 69.16A, and
1 13 69.19. Vacancies shall be filled by the governor for the
1 14 duration of the unexpired term. Members of the abstract title
1 15 plant board of examiners are entitled to receive a per diem as
1 16 specified in section 7E.6 for each day spent in performance of
1 17 duties as members and shall be reimbursed for all actual and
1 18 necessary expenses incurred in the performance of duties as
1 19 members. Per diem and expenses shall be paid from the fees
1 20 collected as provided in this section.
1 21 2. The abstract title plant board of examiners shall
1 22 administer the provisions of this chapter in accordance with
1 23 rules adopted by the board pursuant to chapter 17A. Rules
1 24 proposed and adopted pursuant to this section shall do all of
1 25 the following:
1 26 a. Establish minimum requirements which must be met by an
1 27 applicant prior to the issuance of a certificate of
1 28 registration or a conditional certificate of registration.
1 29 b. Establish a reasonable fee to be paid by an applicant
1 30 for a certificate of registration or a conditional certificate
1 31 of registration sufficient to pay for the costs of
1 32 administration of this chapter. Fees collected pursuant to
1 33 this section shall not be deposited in the general fund of the
1 34 state, but shall remain under the control of the professional
1 35 licensing and regulation division and are appropriated to be
2 1 used solely for the administration of this chapter.
2 2 Sec. 2. NEW SECTION. 543E.2 CERTIFICATE OF REGISTRATION
2 3 – FEE ESTABLISHED.
2 4 1. A person shall not engage in the business of preparing
2 5 abstracts of title to real property or executing real property
2 6 title searches, unless the person has obtained an annual
2 7 certificate of registration from the abstract title plant
2 8 board of examiners. Upon application and payment of a fee
2 9 pursuant to rules adopted by the abstract title plant board of
2 10 examiners, the abstract title plant board of examiners shall
2 11 issue a certificate of registration to an applicant who
2 12 satisfies the requirements established in this chapter and the
2 13 rules adopted pursuant to this chapter. A certificate of
2 14 registration or a conditional certificate of registration
2 15 issued pursuant to this section shall expire on December 31 of
2 16 each year.
2 17 2. A person engaged in the business of preparing abstracts
2 18 of title to real property or executing real property title
2 19 searches in this state, and desiring to continue to engage in
2 20 such acts, is required to own or lease, and maintain, an up-
2 21 to-date abstract title plant for each county or that portion
2 22 of each county in which abstracts of title to real property or
2 23 real property title searches are prepared. The abstract title
2 24 plant shall commence not less than forty years prior to the
2 25 effective date of the certification and contain reference to
2 26 applicable public records affecting real property in the
2 27 office of the county recorder within the most recent thirty
2 28 days.
2 29 3. The abstract title plant shall consist of tract
2 30 indices, or a system, designated to include a geographical
2 31 area of no more than one block in the case of platted real
2 32 estate, and no more than one section in the case of unplatted
2 33 real estate. The abstract title plant shall also include
2 34 miscellaneous alphabetical name indices, or a system,
2 35 containing references to instruments, which affect real
3 1 property, that do not specifically describe the real property
3 2 affected.
3 3 4. If an abstract title plant of the county does not exist
3 4 or the owner of an abstract title plant who is registered
3 5 pursuant to this section refuses to provide real property
3 6 title evidence, the abstract title plant board of examiners
3 7 may grant a conditional certificate of registration to the
3 8 applicant subject to conditions deemed appropriate by the
3 9 abstract title plant board of examiners. The conditional
3 10 certificate of registration shall be granted for a period of
3 11 one year to permit the person to prepare abstracts of title
3 12 and real property title searches for the time period
3 13 consistent with the abstract title plant owned or leased by
3 14 the person. A person granted a conditional certificate of
3 15 registration shall comply with the provisions of subsection 2
3 16 within the one-year period or cease the activities for which
3 17 the certificate was granted.
3 18 Sec. 3. Section 546.10, subsection 1, Code 1997, is
3 19 amended by adding the following new paragraph:
3 20 NEW PARAGRAPH. f. The abstract title plant board of
3 21 examiners created pursuant to chapter 543E.
3 22 Sec. 4. INITIAL ABSTRACT TITLE PLANT BOARD OF EXAMINERS
3 23 APPOINTMENTS. The initial members of the abstract title plant
3 24 board of examiners shall be appointed to the following terms:
3 25 1. Two members shall be appointed for a term of three
3 26 years.
3 27 2. Two members shall be appointed for a term of two years.
3 28 3. One member shall be appointed for a term of one year.
3 29 Sec. 5. EFFECTIVE DATES.
3 30 1. Section 543E.1, as enacted in this Act, section 546.10,
3 31 subsection 1, paragraph "f", as enacted in this Act, and
3 32 section 4 of this Act take effect July 1, 1999.
3 33 2. Section 543E.2, as enacted in this Act, takes effect
3 34 January 1, 2001.
3 35 EXPLANATION
4 1 This bill creates the abstract title plant board of
4 2 examiners within the professional licensing and regulation
4 3 division of the department of commerce. The board is
4 4 authorized to issue a certificate of registration upon the
4 5 application of a person who engages in the business of
4 6 preparing abstracts of title to real property or real property
4 7 title searches. A person who prepares abstracts of title to
4 8 real property or real property title searches is required to
4 9 own or lease, and maintain, an up-to-date abstract title plant
4 10 for each county in which abstracts of title to real property,
4 11 real property title searches are prepared. The abstract title
4 12 plant board of examiners is to adopt rules for the
4 13 administration of this section.
4 14 The board is to establish a reasonable fee to be paid by
4 15 applicants for a certificate of registration or conditional
4 16 certificate of registration sufficient to pay for the costs of
4 17 administering the section. The fees are to remain under the
4 18 control of the professional licensing and regulation division
4 19 and are not to be deposited in the general fund.
4 20 The provision creating the abstract title plant board of
4 21 examiners takes effect July 1, 1999. The provisions requiring
4 22 certification take effect January 1, 2001.
4 23 LSB 2140SC 77
4 24 mj/jj/8
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