Bill > H2949

This bill aims to reform the title insurance industry in Massachusetts. It requires title insurance companies to file quarterly statements with the state's insurance commissioner and attorney general detailing their rates, which will then be published online. The bill also mandates that title insurance agents, brokers, and attorneys provide written disclosures to buyers about the costs of lender's and owner's title insurance policies, the breakdown of those costs, and whether the buyer may be eligible for a reduced "reissue" rate or a waiver if they are refinancing their mortgage. The bill sets the reissue rate at 50% of the basic rate and requires title insurance companies to provide a continuation of coverage at no additional cost when a homeowner refinances with the same or a successor lender. The bill also includes penalties for withholding or providing false information to regulators.

Business and Industry

https://malegislature.gov/Bills/190/H2949