Bill > HB0569

This bill, effective July 1, 2026, aims to provide more control to buyers and borrowers in real estate transactions by allowing them to select the settlement agent, which is the entity responsible for handling the closing process and related paperwork, including title insurance. It also clarifies that if two title insurance agencies agree to share premiums, commissions, or other fees, they must provide written notice to both the buyer and seller and obtain their signed consent, while also prohibiting an agency from guaranteeing liabilities for policies it did not issue. Furthermore, the bill states that the buyer or borrower's chosen settlement agency is exclusively authorized to act as the issuing title insurance agency, subject to approval from any involved mortgage lenders, brokers, or servicers, and this provision cannot be waived, though it does not apply to the first sale of new construction or sales by auction.