House File 2164 - Introduced HOUSE FILE 2164 BY PETTENGILL A BILL FOR An Act relating to the waiver of requirements for attorneys and 1 abstractors who participate in the title guaranty program. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 5627YH (1) 86 jh/sc

H.F. 2164 Section 1. Section 16.91, subsection 5, paragraph b, Code 1 2016, is amended to read as follows: 2 b. The division may waive the requirements of this 3 subsection pursuant to an application of an attorney or 4 abstractor which shows by clear and convincing evidence that 5 the requirements impose a an unnecessary or extreme hardship 6 to the attorney or abstractor and that the waiver clearly is 7 in the public interest or is absolutely necessary to ensure 8 availability of title guaranties throughout the state. 9 EXPLANATION 10 The inclusion of this explanation does not constitute agreement with 11 the explanation’s substance by the members of the general assembly. 12 This bill relates to the waiver of requirements for 13 attorneys and abstractors who participate in the title guaranty 14 program. 15 Under current law, an attorney or abstractor who 16 participates in the title guaranty program is required to 17 maintain liability coverage in an amount approved by the Iowa 18 title guaranty division. Additionally, an abstractor who 19 participates in the title guaranty program is required to own 20 or lease, and maintain and use in the preparation of abstracts, 21 an up-to-date abstract title plant including tract indices for 22 real estate for each county in which abstracts are prepared 23 for real property titles guaranteed by the Iowa title guaranty 24 division. 25 Current law permits the Iowa title guaranty division 26 to waive these requirements pursuant to an attorney or 27 abstractor’s application which shows that the requirements 28 impose a hardship to the attorney or abstractor and that the 29 waiver clearly is in the public interest or is absolutely 30 necessary to ensure availability of title guaranties throughout 31 the state. 32 The bill provides that the Iowa title guaranty division may 33 only waive the requirements if an attorney or abstractor’s 34 application shows by clear and convincing evidence that the 35 -1- LSB 5627YH (1) 86 jh/sc 1/ 2

H.F. 2164 requirements impose an unnecessary or extreme hardship and that 1 the waiver clearly is in the public interest or is absolutely 2 necessary to ensure availability of title guaranties throughout 3 the state. 4 -2- LSB 5627YH (1) 86 jh/sc 2/ 2