SB 159 Modifies the title insurance law with respect to the performance of escrow, settlement, or closing services by title insurers, agencies, and agents
Sponsor: Parson
LR Number: 0988S.01I Fiscal Notes
Committee: Small Business, Insurance and Industry
Last Action: 5/15/2015 - S Informal Calendar S Bills for Perfection--SB 159-Parson Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2015

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Current Bill Summary


SB 159 - This act provides that a title insurer, title agency, or title agent may perform escrow or closing services in residential real estate transactions by giving notice to affected persons that their interests are not protected by the title insurer, agency, or agent in situations where the title insurance policy is not being issued by the title insurer, agency, or agent performing the escrow or closing services. In situations where title insurers, agencies and agents are exclusively performing escrow, settlement, or closing services, it is unlawful for such entities to do so unless they clearly disclose to the sellers, buyers, and lenders involved in such escrows, settlements, or closings that no title insurer is providing any protection for closing or settlement funds.

This act is identical to SCS/SB 634 (2014) and substantially similar to SB 364 (2013) and provisions in HCS/SB 874 (2014).

MICHELA BIRK