SB 172 Summary

• Creates the Arkansas Land Title Commission as a principal state department to regulate title insurance agencies, title insurance agents, and abstracters, replacing previous regulation by the Insurance Commissioner and Arkansas Abstracters' Board.

• Abolishes the Arkansas Abstracters' Board and transfers its powers, duties, and fund balances to the newly created Arkansas Land Title Commission effective July 1, 2015.

• Eliminates duplicative licensing requirements for attorneys engaging in title insurance business by exempting licensed Arkansas attorneys from certain examination and registration requirements.

• Consolidates and reorganizes regulations of title insurance, title insurance agencies, title insurance agents, and abstracters under unified statutory framework (Arkansas Land Title Act) in Arkansas Code § 23-103.

• Establishes the Arkansas Land Title Commission with six appointed members plus the Insurance Commissioner, with authority to license, examine, and discipline title insurance professionals and abstracters through administrative procedures.