Bill Text: TX SB2203 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to the business of title insurance.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-04-25 - Left pending in committee [SB2203 Detail]
Download: Texas-2017-SB2203-Introduced.html
| 85R11261 SMT-F | ||
| By: Hancock | S.B. No. 2203 | |
|
|
||
|
|
||
| relating to the business of title insurance. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 2702.051, Insurance Code, is amended to | ||
| read as follows: | ||
| Sec. 2702.051. APPLICABILITY. This subchapter does not | ||
| apply to the closing or settlement of: | ||
| (1) a residential real property transaction regulated | ||
| by the Real Estate Settlement Procedures Act of 1974 (Pub. L. | ||
| No. 93-533) except as provided by Section 2702.054(b); or | ||
| (2) a real property transaction if the closing or | ||
| settlement is not actually handled by: | ||
| (A) a title insurance company, a title insurance | ||
| agent, or an attorney for a title insurance company or title | ||
| insurance agent; or | ||
| (B) a representative of a title insurance | ||
| company, a title insurance agent, or an attorney for a title | ||
| insurance company or title insurance agent. | ||
| SECTION 2. Section 2702.054, Insurance Code, is amended to | ||
| read as follows: | ||
| Sec. 2702.054. USE OF ALTERNATE SETTLEMENT STATEMENT FORM | ||
| PERMITTED. (a) A title insurance company or title insurance agent | ||
| may use the uniform settlement statement form prepared under the | ||
| Real Estate Settlement Procedures Act of 1974 (Pub. L. No. 93-533) | ||
| instead of the uniform closing and settlement statement form | ||
| prescribed by the department under this subchapter. | ||
| (b) A title insurance company or title insurance agent that | ||
| uses the uniform settlement statement form permitted by Subsection | ||
| (a) in a residential real estate transaction regulated by the Real | ||
| Estate Settlement Procedures Act of 1974 (Pub. L. No. 93-533) as | ||
| the closing and settlement statement for the transaction shall | ||
| disclose on a form promulgated by the commissioner under Subsection | ||
| (c) the following information: | ||
| (1) an accurate statement of: | ||
| (A) the title insurance premium; and | ||
| (B) the amount of each portion of that premium | ||
| paid to a third party; and | ||
| (2) an itemization of all other fees and charges paid | ||
| to the settlement agent. | ||
| (c) The commissioner shall promulgate the form required by | ||
| Subsection (b). | ||
| SECTION 3. Section 2703.153(h), Insurance Code, is amended | ||
| to read as follows: | ||
| (h) The contents of the statistical report, including any | ||
| amendments to the statistical report, must be established in a | ||
| rulemaking hearing under Subchapter B, Chapter 2001, Government | ||
| Code. The requirements for reporting of income and expenses on the | ||
| statistical report shall conform to the manner in which accounting | ||
| records are normally kept in the ordinary course of business of a | ||
| title insurance company or title insurance agent. | ||
| SECTION 4. Section 2702.054, Insurance Code, as amended by | ||
| this Act, applies only to a residential real estate transaction | ||
| that closes on or after January 1, 2018. A residential real estate | ||
| transaction that closes before January 1, 2018, is governed by the | ||
| law as it existed immediately before the effective date of this Act, | ||
| and that law is continued in effect for that purpose. | ||
| SECTION 5. Section 2703.153(h), Insurance Code, as amended | ||
| by this Act, applies only to an annual statistical report issued on | ||
| or after January 1, 2018. An annual statistical report issued | ||
| before January 1, 2018, is governed by the law as it existed | ||
| immediately before the effective date of this Act, and that law is | ||
| continued in effect for that purpose. | ||
| SECTION 6. This Act takes effect September 1, 2017. | ||
