Bill
Bill > A5219
NJ A5219
NJ A5219Repeals 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
01/07/2021
01/07/2021
In Committee
12/13/2021
12/13/2021
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
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 considered excess rates and charges for title insurance as an unlawful rebate subject to penalty. Instead, it allows consumers to freely choose their title or settlement service company, and any agreement to use such services would be subject to attorney review, similar to the contract for the sale of real estate. The bill also establishes penalties for violating these provisions, including business license suspensions and monetary fines.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Substituted by S3081 (1R) (on 12/20/2021)
Official Document
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