Bill > S01082

This bill establishes the New York Title Guaranty Program, a state-run initiative to provide title insurance for real property within New York. The program will be implemented by the New York Title Guaranty Corporation, a public benefit corporation with a 12-member board appointed by the governor, legislative leaders, and minority leaders. The corporation will create a statewide electronic database of real property records, offer title guaranties at rates designed to cover administrative costs, and require participating attorneys and abstractors to meet specific requirements, including maintaining liability coverage. The bill creates a title guaranty fund that will not only support the program's operations but also allocate 10% to a homeowner protection program and 25% to community renewal efforts. Participating attorneys will be authorized to issue title guaranty certificates, and the program aims to provide a low-cost mechanism for ensuring land title stability. The program is set to take effect on January 1, 2027, and will replace the existing title insurance regulations under Article 64 of the insurance law. Notably, the state will not be liable for guaranties, which will be the sole obligation of the corporation.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S1082