Bill > H2798

This bill, titled the "Title Insurance Law," aims to reform title insurance practices by clarifying definitions and establishing new disclosure and rate requirements, particularly for homeowners refinancing their mortgages. Key provisions include defining terms like "refinancing" and "approved attorney," requiring title insurance companies to file quarterly statements of their rates with the Commissioner of Insurance, and making these filings publicly accessible. Crucially, the bill mandates that at or before closing, prospective buyers must receive a written disclosure detailing the costs associated with lender's and owner's title insurance policies, including amounts dedicated to premiums, commissions, and other fees. It also introduces a "reissue rate," which is 60% of the basic rate, for properties that have been insured within the last 15 years, and specifically states that homeowners refinancing their mortgage, even with a different lender, are entitled to this reissue rate if previous insurance is evidenced, and that refinancing with the same lender or a successor should result in a continuation of title insurance at no additional cost. Violations of the chapter can result in fines of up to $500 per offense.