HB1545 Summary

• Amends the Title Insurance Act to require title insurance agent applicants (including firms, partnerships, associations, limited liability companies, and corporations) to submit a notarized affidavit affirming that the applicant and all owners, officers, directors, principals, members, or managers have never been convicted or pled guilty to any felony or misdemeanor involving theft or dishonesty.

• Prohibits persons with convictions or guilty pleas for crimes involving theft or dishonesty from being registered as title insurance agents without separate written notification to the Secretary, and prevents such persons from serving as owners, officers, directors, principals, or managers without written Secretary permission.

• Expands grounds for Secretary to refuse, suspend, or revoke title insurance company or agent registrations to include criminal convictions, prior discipline in other jurisdictions involving dishonesty, inaccurate advertising, misrepresentation, failure to account for client funds, and dishonorable or unethical conduct.

• Adds specific disciplinary grounds including fraud or misrepresentation in applying for credentials, violations of disciplinary orders, and operating without a valid certificate of authority or registration.

• Takes effect January 1, 2014.