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ID H0277
Bill
Status
4/6/2015
Primary Sponsor
Ways and Means Committee
Click for details
AI Summary
House Bill 277 Summary
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Amends Idaho Code Section 41-2704 to include the issuance of closing or settlement protection as part of the business of title insurance.
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Amends Idaho Code Section 41-2705 to clarify that closing or settlement protection rates are subject to the Department of Insurance's control and supervision, and must be filed with the director.
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Creates new Idaho Code Section 41-2714 authorizing title insurers to issue closing or settlement protection to buyers, borrowers, or lenders in transactions where a title insurance policy will be issued.
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Limits closing or settlement protection coverage to indemnifying against theft or misappropriation of closing funds and failure to comply with written closing instructions related to title status and mortgage validity.
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Caps the rate for closing or settlement protection at twenty-five dollars ($25.00) per transaction and clarifies that obtaining such protection is optional and not a requirement of any party.
Legislative Description
Amends and adds to existing law to establish additional provisions concerning the business of title insurance; to establish additional provisions concerning the business of title insurance operating under the control and supervision of the director of the Department of Insurance; to provide that a title insurer may issue closing or settlement protection to certain persons, to provide a limitation on closing or settlement protection, to provide a rate and to establish provisions for construing the section.
TITLE INSURANCE
Last Action
Reported Signed by Governor on April 6, 2015 Session Law Chapter 275 Effective: 07/01/2015
4/6/2015