Bill > A00362

This bill directs the superintendent of financial services to conduct a comprehensive study on title insurance premium rates in New York State. Specifically, the superintendent must complete a detailed analysis within one year of the bill's effective date and submit a report to the governor and legislature. The study must examine current title insurance premium rates in the state, explore potential strategies for reducing these rates, and investigate the service charges that are typically added to customers' bills for title services. Title insurance is a type of insurance policy that protects property owners and mortgage lenders against potential legal issues or financial losses related to the ownership and transfer of real estate property titles. By mandating this study, the bill aims to provide insights into the pricing and additional costs associated with title insurance in New York, potentially paving the way for future consumer protections or rate regulations. The bill will take effect immediately upon becoming law.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A362