[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Engrossed ] | [ Enrolled ] |
91_SB0795sam001
LRB9101198LDmbam01
1 AMENDMENT TO SENATE BILL 795
2 AMENDMENT NO. . Amend Senate Bill 795 on page 7, by
3 replacing lines 20 through 30 with the following:
4 "(g) A title insurance company or title insurance agent,
5 not qualified as an independent escrowee, may act in the
6 capacity of an escrow agent when it is supplying an abstract
7 of title, grantor-grantee search, tract search, lien search,
8 tax assessment search, or other limited purpose search to the
9 parties to the transaction even if it is not issuing a title
10 insurance commitment or title insurance policy. A title
11 insurance agent may act as an escrow agent only when
12 specifically authorized in writing on forms prescribed by the
13 Director by a title insurance company that has duly
14 registered the agent with the Director and only when notice
15 of the authorization is provided to and receipt thereof is
16 acknowledged by the Director. The authority granted to a
17 title insurance agent may be limited or revoked at any time
18 by the title insurance company.".