HB 3910

Abstract

Amends the Title Insurance Act. Provides that the Secretary of Financial and Professional Regulation or his authorized agents shall, from time to time, conduct visits of registered agents to ensure compliance with the Act and verify that proper internal controls are being maintained. Removes language providing that: (i) upon a showing of good cause, the Secretary or his authorized agent has the authority and power to require any title insurance company to take all legal means to obtain the appropriate records of its registered agents and make them available for examination at a time and place designated by the Secretary and (ii) expenses incurred in the course of such examinations will be the responsibility of the title insurance company. Requires that each title insurance company shall remit (rather than pay), for all of its title insurance agents subject to this Act for filing an annual registration of its agents, an amount collected from the consumer (was, an amount) equal to $3 for each policy issued by all of its agents in the immediately preceding calendar year. Provides that each application for registration as a title insurance agent shall be made on a form specified by the Secretary and prepared by (rather than prepared in duplicate by) each title insurance company which the agent represents. Requires the title insurance company to retain the copy of the application and forward a copy (rather than the original) to the Secretary. Makes other changes.