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KS SB22
Bill
Status
2/25/2025
Primary Sponsor
Financial Institutions and Insurance
Click for details
AI Summary
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Title insurance agents must make annual escrow account audit reports available upon request by the commissioner of insurance, rather than automatically submitting them within 30 days after each calendar year
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Surety bond or irrevocable letter of credit requirement standardized at $100,000 for all title insurance agents handling escrow, settlement, or closing accounts, eliminating the previous tiered system based on county population ($25,000-$100,000)
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Controlled business exemption eliminated for counties with populations of 10,000 or less, meaning the 70% controlled business limit now applies statewide
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Act takes effect upon publication in the Kansas Register, repealing and amending K.S.A. 40-1139 and K.S.A. 2024 Supp. 40-1137 and 40-2404
Legislative Description
Requiring title agents to make their audit reports available for inspection instead of submitting such reports annually, requiring the amount of surety bonds filed with the commissioner of insurance to be $100,000 and eliminating the controlled business exemption in certain counties.
Last Action
House Motion to accede adopted; Representative Sutton, Representative Bergkamp and Representative Neighbor appointed as conferees
3/11/2025