Bill
Bill > S3081
NJ S3081
NJ S3081Repeals law concerning excess rates and charges for title insurance; makes agreement to use services of title or settlement service company subject to attorney review.
summary
Introduced
10/29/2020
10/29/2020
In Committee
12/13/2021
12/13/2021
Crossed Over
12/20/2021
12/20/2021
Passed
01/10/2022
01/10/2022
Dead
Signed/Enacted/Adopted
01/18/2022
01/18/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
Current law provides that if the rates and charges for personal or controlled insurance from any one source so issued in a calendar year received by a title insurance company or by a title insurance agent exceed 25%, or from all sources exceed 50% of the total rates and charges received by the title insurance company or title insurance agent for title insurance issued in the same year, the excess is an unlawful rebate that is subject to penalty. The bill eliminates this provision of law.
AI Summary
This bill repeals a law that prohibited title insurance companies and agents from receiving more than 25% of their total rates and charges from any one source or more than 50% from all sources in a calendar year, as excess rates and charges were considered unlawful rebates subject to penalty. The bill allows consumers to freely choose their title or settlement service company, subject to attorney review as part of the real estate sales contract. It also establishes penalties for violations, including business license suspensions and monetary fines.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Passed Senate (Passed Both Houses) (36-0) (on 01/10/2022)
Official Document
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