Under existing law, title insurers are prohibited from transacting any other form of insurance.
This bill would permit title insurers to issue closing or settlement protection; would require closing or settlement protection forms to be approved by the Commissioner of Insurance; would specify the fees that may be charged for issuing closing or settlement protection; and would require notice to real estate purchasers of the availability of closing or settlement protection.
Assigned Act No. 2011-556 on 06/09/2011.
Delivered to Governor at 5:10 p.m. on June 2, 2011.
Clerk of the House Certification
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 969
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Judiciary
Motion to Read a Third Time and Pass adopted Roll Call 215
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Insurance
Source: Alabama Legislature