Bill Text: HI HB1704 | 2012 | Regular Session | Introduced
Bill Title: Title Insurers; Title Reports; Notice of Liens and Pending Actions
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-01-18 - (H) Referred to CPC/JUD, referral sheet 1 [HB1704 Detail]
Download: Hawaii-2012-HB1704-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1704 |
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TWENTY-SIXTH LEGISLATURE, 2012 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to title insurers.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 431:20-113, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) Except as allowed by [regulations
promulgated] rules adopted by the commissioner, no title insurer
shall knowingly issue any title insurance policy [or], commitment
to insure, or title report without showing all outstanding, enforceable
recorded liens or other interests against the property for which the
title [to which] is to be insured[.]; provided that title
reports under this subsection shall show any notice recorded pursuant to section
501-151 or 634-51, or under any other law or process, regarding the pendency of
any action affecting title to the property. As used in this subsection, "title
report" means a written analysis of the status of title to real property to
determine rights and claims to the property and that provides pertinent
information such as a description of the property, names of titleholders and
how title is held, tax rates, encumbrances, and real property taxes due.
In addition to any other penalty provided by law, any person who violates this subsection shall be guilty of a class C felony."
SECTION 2. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Title Insurers; Title Reports; Notice of Liens and Pending Actions
Description:
Requires title insurers to include recorded liens and pending actions in title reports. Establishes criminal penalties for knowingly issuing title insurance or title reports without disclosing pending actions or other interests against the real property.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
