Introduced
by
To establish that real estate title insurance companies that use an insurance company or agent to act as an agent for the escrow and closing account are responsible for the agent’s related activities; establish regulations on the insurance companies and agents providing this service; and require the title company to offer the buyer and seller closing or settlement protection at a cost of not more than $50 that would indemnify them against any loss of the settlement funds from the insurer or agent’s misdeeds.
Referred to the Committee on Banking and Financial Services
