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ID H0519
Bill
Status
3/20/2018
Primary Sponsor
Business Committee
Click for details
AI Summary
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Amends Section 41-1315A to allow title insurers and title insurance agents to provide reimbursements or discounts of escrow fees or title insurance premiums in accordance with chapter 27, title 41, Idaho Code.
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Amends Section 41-2708 to clarify that nothing prohibits a title insurer or title insurance agent from providing reimbursement or discount of premiums and escrow fees in transactions involving a bona fide employee's residence.
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Maintains existing rebate prohibitions and penalties for title insurance transactions while creating an exception for employee residential transactions.
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Makes technical corrections to Section 41-2708 including capitalization and grammar updates throughout the section.
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Preserves the $2,000 maximum fine and potential revocation or suspension of certificates of authority for violations of prohibited risks and rebate provisions.
Legislative Description
Amends existing law to provide that title insurers may provide a reimbursement or discount of escrow fees or title insurance premiums in certain instances and to provide that nothing shall prohibit title insurers from providing a certain reimbursement or discount of escrow fees or title insurance premiums.
TITLE INSURANCE
Last Action
Reported Signed by Governor on March 20, 2018 Session Law Chapter 213 Effective: 07/01/2018
3/20/2018