HB 1229 Wet Settlement Act; title insurance.
John J. Davies III | all patrons    ...    notes
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Summary:
Wet Settlement Act; title insurance. Amends the Wet Settlement Act to prohibit settlement agent disbursement of any funds coming into its possession prior to the recordation of settlement instruments (e.g., deed, deed of trust, mortgage, etc.) except for (i) overpayments, (ii) recordation fees, or (iii) funds directed to be disbursed by the provider thereof prior to recordation. The bill also prohibits the payment or receipt of settlement services kickbacks, rebates, commissions and other payments. However, bona fide advertising and marketing promotions are not prohibited, nor is providing educational materials and benefits. Violations of these provisions shall be punishable as misdemeanors. However, any criminal charges brought pursuant to such provisions must be by indictment. Amendments to the title insurance statutes' anti-kickback provisions prohibit compensated referrals for title insurance business. However, sums spent for bona fide advertising and educational materials and benefits do not violate the provisions of this amendment. Additionally, the bill makes clear that neither ownership of a title insurance company, agency or agent, nor receiving a salary or compensation from either violates any anti-kickback prohibition.

Full text:
01/22/96  House: Presented & ordered printed 960275198  pdf
02/10/96  House: Committee substitute printed 967721198-H1  pdf
02/26/96  Senate: Committee substitute printed 967739198-S1  pdf
03/18/96  House: Bill text as passed House and Senate (HB1229ER)  pdf
04/19/96  Governor: Acts of Assembly Chapter text (CHAP0883)  pdf

Status:
01/22/96  House: Presented & ordered printed 960275198
01/22/96  House: Referred to Committee on Corporations, Insurance and Banking
02/10/96  House: Committee substitute printed 967721198-H1
02/10/96  House: Reported from C. I. B. w/sub. (22-Y 0-N)
02/10/96  House: Read first time
02/12/96  House: Read second time
02/12/96  House: Committee substitute agreed to 967721198-H1
02/12/96  House: Engrossed by House - com. sub. 967721198-H1
02/13/96  House: Read third time and passed House (Block Vote) (100-Y 0-N)
02/13/96  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
02/13/96  House: Communicated to Senate
02/14/96  Senate: Read first time
02/14/96  Senate: Referred to Committee on Commerce and Labor
02/26/96  Senate: Reported from C. & L. with substitute (14-Y 0-N 1-A)
02/26/96  Senate: Committee substitute printed 967739198-S1
02/27/96  Senate: Constitutional reading dispensed (40-Y 0-N)
02/27/96  Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
02/28/96  Senate: Read third time
02/28/96  Senate: Reading of substitute waived
02/28/96  Senate: Committee substitute agreed to 967739198-S1
02/28/96  Senate: Engrossed by Senate - comm. sub. 967739198-S1
02/28/96  Senate: Passed Senate with substitute (37-Y 0-N 3-A)
02/28/96  Senate: VOTE: PASSAGE (37-Y 0-N 3-A)
02/28/96  Senate: Rec. of passage agreed to by Senate (40-Y 0-N)
02/28/96  Senate: VOTE: RECONSIDER (40-Y 0-N)
02/28/96  Senate: Passed Senate with substitute (35-Y 0-N 4-A)
02/28/96  Senate: VOTE: PASSAGE (35-Y 0-N 4-A)
02/29/96  House: Placed on Calendar
03/01/96  House: Senate substitute agreed to by House (96-Y 0-N)
03/01/96  House: VOTE: ADOPTION (96-Y 0-N)
03/18/96  House: Bill text as passed House and Senate (HB1229ER)
03/20/96  House: Enrolled
03/21/96  Senate: Signed by President
03/22/96  House: Signed by Speaker
04/10/96  Governor: Approved by Governor-Chapter 883 (effective 7/1/96)
04/19/96  Governor: Acts of Assembly Chapter text (CHAP0883)