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SB18-125

Title Insurance Entity Fiduciary Duties

Concerning fiduciary responsibilities of title insurance entities to protect funds held in conjunction with real estate closing settlement services.
Session:
2018 Regular Session
Subject:
Insurance

The bill requires title insurance entities and affiliates or subsidiaries to hold funds belonging to others in a fiduciary capacity. 'Fiduciary funds' means all funds received in conjunction with real estate closing and settlement services. The commissioner of insurance shall promulgate rules regarding fiduciary funds.


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Passed
Became Law

Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Sen. B. Gardner, Sen. D. Kagan
Rep. P. Lee

Sponsor

Co-sponsor


Rep. T. Exum, Rep. M. Gray, Rep. J. Singer, Rep. D. Valdez