SB 141

Abstract

Amends the Title Insurance Act. Makes changes to the provision concerning fees paid by title insurance companies and independent escrowees. Creates a special income-earning fund, known as the Title Insurance Consumer Protection Fund, in the State Treasury. Sets forth the fees collected by the Department of Financial and Professional Regulation that shall be deposited in the Fund. Provides that money in the Fund shall be used solely for the purpose of providing restitution to consumers who have suffered monetary loss arising out of a transaction regulated by the Act. Provides that money in the Fund shall be subrogated to the amount of the restitution. Provides that money in the Fund may be transferred to the Professions Indirect Cost Fund. Amends the State Finance Act to create the Title Insurance Consumer Protection Fund. Makes other changes. Effective immediately.