Bill Text: FL S1468 | 2011 | Regular Session | Introduced
Bill Title: Title Insurance
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-05-07 - Indefinitely postponed and withdrawn from consideration [S1468 Detail]
Download: Florida-2011-S1468-Introduced.html
Florida Senate - 2011 SB 1468 By Senator Altman 24-00694-11 20111468__ 1 A bill to be entitled 2 An act relating to title insurance; amending s. 3 20.121, F.S.; assigning the Division of Title 4 Insurance to the Department of Financial Services; 5 providing legislative findings and intent; deeming 6 that references in the Florida Insurance Code 7 pertaining to title insurance refer to the Division of 8 Title Insurance; amending s. 626.2815, F.S.; requiring 9 any person who holds a license as a title agent to 10 complete a minimum of 10 hours of continuing education 11 courses every 2 years in Florida-specific title 12 insurance and escrow management courses approved by 13 the Division of Title Insurance; authorizing the 14 department to contract with private entities to 15 administer, review, or approve the continuing 16 education program for title insurance; amending s. 17 626.841, F.S.; defining the term “agent in charge”; 18 amending s. 626.8417, F.S.; revising provisions to 19 conform to changes made by the act; amending s. 20 626.8418, F.S.; removing obsolete provisions relating 21 to applying for a title insurance license; amending s. 22 626.8419, F.S.; requiring the title insurance agency 23 to obtain a fidelity bond in an amount not less than 24 $250,000, with a deductible not to exceed 1 percent of 25 the bond amount; creating s. 626.8422, F.S.; requiring 26 each title insurance agency to have a separate agent 27 in charge at every agency location; requiring that an 28 agent in charge be an attorney licensed by and in good 29 standing with The Florida Bar or a Florida-licensed 30 title agent; amending s. 626.8437, F.S.; adding 31 additional grounds for which the department must deny, 32 suspend, revoke, or refuse to renew or continue the 33 license or appointment of any title insurance agent or 34 agency; amending s. 626.8473, F.S.; requiring an 35 attorney to deposit into a separate trust account all 36 funds received in connection with transactions in 37 which the attorney is serving as a title or real 38 estate settlement agent; requiring that the trust 39 account be maintained exclusively for funds received 40 in connection with such transactions; providing an 41 exception for an applicable rule of The Florida Bar; 42 creating s. 627.7715, F.S.; creating the Division of 43 Title Insurance within the Department of Financial 44 Services; requiring that the division exercise all 45 powers and duties with respect to title insurance 46 regulation, including those exercised by the Office of 47 Insurance Regulation and the Division of Insurance 48 Agents and Agency Services; providing for the division 49 director to be appointed by the Chief Financial 50 Officer; providing for bureaus within the division; 51 amending s. 627.777, F.S.; providing for the approval 52 and revocation of title insurance forms; creating s. 53 627.7815, F.S.; providing that trade secrets be 54 preserved; providing for the filing of a trade secret 55 notice with the department; providing a waiver of 56 trade secret protection under certain circumstances; 57 providing procedures to be followed to claim a trade 58 secret; detailing the form and content of the notice 59 for a trade secret; providing a presumption of trade 60 secret protection under certain circumstances; 61 creating s. 627.7985, F.S.; authorizing the Department 62 of Financial Services to adopt rules relating to title 63 insurance; amending s. 627.780, F.S.; revising 64 provisions to conform to changes made by the act; 65 amending s. 627.782, F.S.; requiring each title 66 insurance agency licensed to do business in this state 67 and each insurer doing direct, retail, or affiliated 68 business to maintain and submit certain information to 69 the department as the department determines to be 70 necessary to assist in the analysis of title insurance 71 premium rates, title search costs, and the condition 72 of the title insurance industry in this state; 73 creating s. 689.263, F.S.; prohibiting a title 74 insurance agent or title insurance agency from 75 disbursing funds pursuant to a completed purchase and 76 sale transaction subject to the Real Estate Settlement 77 Procedures Act without requiring a properly executed 78 statement of settlement cost; providing that by a 79 specified date the rules of the Financial Services 80 Commission and the Office of Insurance Regulation with 81 respect to the regulation of title insurance become 82 the rules of the Department of Financial Services; 83 providing that the statutory powers, duties, and 84 functions for the administration of chs. 624, 626, and 85 627, F.S., relating to title insurance, are 86 transferred by a type two transfer, from the Financial 87 Services Commission and the Office of Insurance 88 Regulation to the Department of Financial Services; 89 providing that the transfer of regulatory authority 90 accomplished by this act shall not affect the validity 91 of any pending judicial or administrative action 92 relating to title insurance, to which action the 93 Financial Services Commission or the Office of 94 Insurance Regulation are parties; providing that all 95 lawful orders issued by the Financial Services 96 Commission or the Office of Insurance Regulation 97 implementing or enforcing or otherwise relating to 98 title insurance issued before the effective date of 99 the act, remain in effect and are enforceable after 100 the effective date of the act, unless thereafter 101 modified in accordance with law; directing the 102 Division of Statutory Revision to provide the relevant 103 substantive committees of the Senate and the House of 104 Representatives with assistance to enable the 105 committees to prepare draft legislation to conform the 106 Florida Statutes to the provisions of the act; 107 directing the Division of Title Insurance to work with 108 affected parties and to make recommendations to the 109 Legislature relating to consolidation of all of title 110 insurance governance into a single chapter of Florida 111 Statutes, the possible implementation of other 112 recommendations of the Title Insurance Study Advisory 113 Council, and other suggestions for improvement of the 114 statutory regulation of the title insurance industry; 115 providing an effective date. 116 117 Be It Enacted by the Legislature of the State of Florida: 118 119 Section 1. Paragraph (p) is added to subsection (2) of 120 section 20.121, Florida Statutes, to read: 121 20.121 Department of Financial Services.—There is created a 122 Department of Financial Services. 123 (2) DIVISIONS.—The Department of Financial Services shall 124 consist of the following divisions: 125 (p) The Division of Title Insurance. 126 Section 2. Legislative findings; purpose; intent.— 127 (1) The Legislature finds that a stable real estate 128 marketplace is central to the economic foundations of this state 129 and that the certainties of real property ownership, transfer, 130 and encumbrance must be preserved for the public welfare. These 131 fundamental facts support the regulation of the title insurance 132 industry. 133 (2) The Legislature finds that a stable and efficient title 134 insurance industry is necessary for the confidence required by 135 all purchasers of real property, their lenders, and their 136 investors in that it improves property valuations, lowers 137 borrowing costs, and generally supports the flow of real estate 138 based capital investment. 139 (3) The Legislature further finds that it is sound public 140 policy to encourage and support the delivery of title insurance 141 products and services statewide. The Legislature recognizes that 142 this can best be achieved by assuring a solvent industry that is 143 responsive as well as responsible to all consumers and for the 144 protection of the public land records. Central to this finding 145 is the fact that the general public welfare is better served by 146 delivering fiscally sound legal remedies founded in contract law 147 rather than the mere possibility of relief in tort remedies. 148 (4) The Legislature, in recognition of the fact that a 149 title issuer may deliver primary title services directly to or 150 through a licensed and appointed agent or agency, finds that a 151 viable title insurance delivery system requires comprehensive 152 state oversight and uniform regulation of title insurers, 153 agents, and agencies. Accordingly, it is the intent of the 154 Legislature to establish unitary regulation of the title 155 insurance industry by transferring the agency from the Financial 156 Services Commission and the Office of Insurance Regulation to 157 the Department of Financial Services. The department has 158 comprehensive authority to regulate title insurers, title 159 agents, title agency solvency, education, licensing, and 160 discipline and to establish title insurance premium rates and 161 forms. 162 (5) The Legislature recognizes that the title insurance 163 industry is founded upon a unique compensatory structure 164 comprised of unregulated fees for the necessarily related escrow 165 and closing services and the regulated premium promulgated for 166 the performance of the primary title services. The delivery of 167 these separate but related functions is predominated by title 168 agents and agencies, thereby placing the title insurance agent 169 at the cornerstone of the delivery system. Maintaining a 170 sufficient base of title insurance agents promotes price 171 competition in the marketplace for escrow and settlement 172 services and the ready availability of these products and 173 services to all residents. 174 Section 3. References to commission, department, and 175 office.—Whenever the Florida Insurance Code refers to title 176 insurance or the regulation of title insurers, title agents, or 177 title agencies, such reference is deemed to refer to the 178 Division of Title Insurance of the Department of Financial 179 Services. 180 Section 4. Paragraph (d) of subsection (3) of section 181 626.2815, Florida Statutes, is amended, paragraph (l) is added 182 to that subsection, and subsection (8) is added to that section, 183 to read: 184 626.2815 Continuing education required; application; 185 exceptions; requirements; penalties.— 186 (3) 187 (d) Any person who holds a license as a customer 188 representative, limited customer representative,title agent,189 motor vehicle physical damage and mechanical breakdown insurance 190 agent, crop or hail and multiple-peril crop insurance agent, or 191 as an industrial fire insurance or burglary insurance agent and 192 who is not a licensed life or health insurance agent, shall be 193 required to complete 10 hours of continuing education courses 194 every 2 years. 195 (l) Any person who holds a license as a title agent must 196 complete a minimum of 10 hours of continuing education courses 197 every 2 years in Florida-specific title insurance and escrow 198 management courses approved by the Division of Title Insurance. 199 The continuing education courses shall include at least 3 hours 200 of continuing education on the subject matter of ethics, rules, 201 or state and federal regulatory compliance matters relating to 202 title insurance and closing services. 203 (8) The department may contract with a private entity for 204 services relating to the administration, review, or approval of 205 the continuing education program for title insurance. The 206 contract shall be procured as a contract for a contractual 207 service pursuant to s. 287.057. 208 Section 5. Subsection (3) is added to section 626.841, 209 Florida Statutes, to read: 210 626.841 Definitions.—The term: 211 (3) “Agent in charge” of a title insurance agency means an 212 attorney or a licensed and appointed title insurance agent who 213 is designated as agent in charge pursuant to s. 626.8422. 214 Section 6. Paragraph (c) of subsection (4) of section 215 626.8417, Florida Statutes, is amended to read: 216 626.8417 Title insurance agent licensure; exemptions.— 217 (4) 218 (c) If one or morean attorney orattorneys own a 219 corporation or other legal entity thatwhichis doing business 220 as a title insurance agency other than an entity engaged in the 221 active practice of law, the agency must be licensed and 222 appointed as a title insurance agency with an agent in charge 223 designated for the agencyagent. 224 Section 7. Section 626.8418, Florida Statutes, is amended 225 to read: 226 626.8418 Application for title insurance agency license. 227 BeforePrior todoing business in this state as a title 228 insurance agency, a title insurance agency must meet all of the 229 criteria set forth in this section.following requirements:230(1)The applicant must file with the department an 231 application for a license as a title insurance agency, on 232 printed forms furnished by the department, that includes all of 233 the following: 234 (1)(a)The name of each majority owner, partner, officer, 235 and director of the agency. 236 (2)(b)The residence address of each person required to be 237 listed under subsection (1)paragraph (a). 238 (3)(c)The name of the agency and its principal business 239 address. 240 (4)(d)The location of each agency office and the name 241 under which each agency office conducts or will conduct 242 business. 243 (5)(e)The name of each agent to be in full-time charge of 244 an agency office and specification of which office. 245 (6)(f)Such additional information as the department 246 requires by rule to ascertain the trustworthiness and competence 247 of persons required to be listed on the application and to 248 ascertain that such persons meet the requirements of this code. 249(2) The applicant must have deposited with the department250securities of the type eligible for deposit under s.625.52and251having at all times a market value of not less than $35,000. In252place of such deposit, the title insurance agency may post a253surety bond of like amount payable to the department for the254benefit of any appointing insurer damaged by a violation by the255title insurance agency of its contract with the appointing256insurer. If a properly documented claim is timely filed with the257department by a damaged title insurer, the department may remit258an appropriate amount of the deposit or the proceeds that are259received from the surety in payment of the claim. The required260deposit or bond must be made by the title insurance agency, and261a title insurer may not provide the deposit or bond directly or262indirectly on behalf of the title insurance agency. The deposit263or bond must secure the performance by the title insurance264agency of its duties and responsibilities under the issuing265agency contracts with each title insurer for which it is266appointed. The agency may exchange or substitute other267securities of like quality and value for securities on deposit,268may receive the interest and other income accruing on such269securities, and may inspect the deposit at all reasonable times.270Such deposit or bond must remain unimpaired as long as the title271insurance agency continues in business in this state and until 1272year after termination of all title insurance agency273appointments held by the title insurance agency. The title274insurance agency is entitled to the return of the deposit or275bond together with accrued interest after such year has passed,276if no claim has been made against the deposit or bond. If a277surety bond is unavailable generally, the department may adopt278rules for alternative methods to comply with this subsection.279With respect to such alternative methods for compliance, the280department must be guided by the past business performance and281good reputation and character of the proposed title insurance282agency. A surety bond is deemed to be unavailable generally if283the prevailing annual premium exceeds 25 percent of the284principal amount of the bond.285 Section 8. Paragraph (a) of subsection (1) of section 286 626.8419, Florida Statutes, is amended to read: 287 626.8419 Appointment of title insurance agency.— 288 (1) The title insurer engaging or employing the title 289 insurance agency must file with the department, on printed forms 290 furnished by the department, an application certifying that the 291 proposed title insurance agency meets all of the following 292 requirements: 293 (a) The agency must have obtained a fidelity bond in an 294 amount, not less than $250,000$50,000, with a deductible not to 295 exceed 1 percent of the bond amount, acceptable to the insurer 296 appointing the agency. If a fidelity bond is unavailable 297 generally, the department must adopt rules for alternative 298 methods to comply with this paragraph. 299 Section 9. Section 626.8422, Florida Statutes, is created 300 to read: 301 626.8422 Agent in charge.- 302 (1) Each location of a title insurance agency or branch 303 office of a title insurance agency that is within the state and 304 that is regularly open to the public for closing services as 305 defined in s. 627.7711, and at which disbursement of escrow 306 funds or policy issuance services are performed must have a 307 separate agent in charge. A title insurance agency that fails to 308 designate an agent in charge on a form prescribed by the 309 department, within 10 working days after the agency opens for 310 business or changes the agent in charge, violates this chapter, 311 and is punishable as provided in s. 626.844. 312 (2) A title insurance agency shall designate an attorney 313 duly authorized to practice law in this state and in good 314 standing with The Florida Bar or a Florida-licensed title agent 315 as agent in charge for each location described in subsection 316 (1). 317 (3) The agent in charge shall perform his or her duties as 318 set forth in subsection (1) at the location for which he or she 319 is named as agent in charge. 320 (4) If a title insurance agency operates multiple 321 locations, the agency shall designate a separate agent in charge 322 for each location. 323 Section 10. Subsections (11) and (12) are added to section 324 626.8437, Florida Statutes, to read: 325 626.8437 Grounds for denial, suspension, revocation, or 326 refusal to renew license or appointment.—The department shall 327 deny, suspend, revoke, or refuse to renew or continue the 328 license or appointment of any title insurance agent or agency, 329 and it shall suspend or revoke the eligibility to hold a license 330 or appointment of such person, if it finds that as to the 331 applicant, licensee, appointee, or any principal thereof, any 332 one or more of the following grounds exist: 333 (11) Failure to timely submit information as required by 334 the department. 335 (12) A licensee has been charged with an insurance-related 336 or financial-related felony, a crime involving moral turpitude, 337 or a crime punishable by imprisonment of 1 year or more under 338 the law of any state, territory, or country. 339 Section 11. Present subsection (7) of section 626.8473, 340 Florida Statutes, is renumbered as subsection (8), and a new 341 subsection (7) is added to that section, to read: 342 626.8473 Escrow; trust fund.— 343 (7) An attorney shall deposit into a separate trust account 344 all funds received in connection with transactions in which the 345 attorney is serving as a title or real estate settlement agent. 346 The trust account must be maintained exclusively for funds 347 received in connection with such transactions. The attorney 348 shall permit the account to be audited by its title insurers. 349 Funds need not be maintained in a separate account for a 350 particular client if maintaining a separate account would 351 violate applicable rules of The Florida Bar. 352 Section 12. 627.7715, Florida Statutes is created to read: 353 627.7715 Division of Title Insurance.— 354 (1) The Division of Title Insurance is created within the 355 Department of Financial Services. The division shall exercise 356 all powers and duties with respect to title insurance 357 regulation, including those exercised by the Office of Insurance 358 Regulation and the Division of Insurance Agents and Agency 359 Services of the Department of Financial Services before October 360 15, 2011. The division director shall be appointed by the Chief 361 Financial Officer and shall have experience, education, and 362 expertise in the field of title insurance in this state. The 363 director may also be known as the Florida Title Insurance 364 Commissioner. 365 (2) The Division of Title Insurance shall consist of: 366 (a) The Bureau of Title Insurance Premium Rates and Forms. 367 (b) The Bureau of Title Insurance Licensing and Education. 368 Section 13. Section 627.777, Florida Statutes, is amended 369 to read: 370 627.777 Approval of forms.— 371 (1) A title insurer may not issue or agree to issue any 372 form of title insurance commitment, title insurance policy, 373 other contract of title insurance, or related form until it is 374 filed with and approved by the office. The office may not 375 disapprove a title guarantee or policy form on the ground that 376 it has on it a blank form for an attorney’s opinion on the 377 title. 378 (2) If a form filed for approval is a form certified and 379 adopted by the American Land Title Association at the time of 380 the filing, the department shall approve or disapprove the form 381 within 180 days. If a form filed for approval is a form not 382 certified by the American Land Title Association at the time of 383 the filing, the department shall approve or disapprove the form 384 within 1 year. 385 (3) At the time of the approval of any form, the department 386 shall determine if a rate in effect at that time applies or if 387 the coverages require adoption of a rule pursuant to s. 627.782. 388 (4) The department may revoke approval of any form upon 180 389 days’ notice. A basis for revocation is the decertification by 390 the American Land Title Association of a previously approved 391 form. 392 (5) An insurer may not achieve any competitive advantage 393 over any other insurer, agency, or agent as to rates or forms. 394 If a form or rate is approved for an insurer, the department 395 shall expedite approval for a form containing the identical 396 coverage, rate, or deviation approved under s. 627.783 for other 397 insurers upon application. 398 Section 14. Section 627.7815, Florida Statutes, is created 399 to read: 400 627.7815 Trade secret documents.—If any person who is 401 required to submit a document or other information to the 402 department pursuant to this chapter or by rule or order of the 403 department claims that such document, rule, or order contains a 404 trade secret, such person may file a notice of trade secret with 405 the department. Failure to do so constitutes a waiver of any 406 claim by the person that the requested document or information 407 is a trade secret. 408 (1) Each page of the document or specific portion of the 409 document claimed to be a trade secret must be clearly marked 410 “trade secret.” 411 (2) All material marked as a trade secret must be separate 412 from all nontrade secret material and be submitted in a separate 413 envelope clearly marked “trade secret.” 414 (3) When submitting a notice of trade secret to the 415 department, the submitting party must include an affidavit 416 certifying under oath to the truth of the following statements 417 concerning all documents or information that are claimed to be 418 trade secrets: 419 (a) [I consider/My company considers] this information a 420 trade secret that has value and provides an advantage or an 421 opportunity to obtain an advantage over those who do not know or 422 use it. 423 (b) [I have/My company has] taken measures to prevent the 424 disclosure of the information to anyone other than those who 425 have been selected to have access for limited purposes, and [I 426 intend/my company intends] to continue to take such measures. 427 (c) The information is not, and has not been, reasonably 428 obtainable without [my/our] consent by other persons by use of 429 legitimate means. 430 (d) The information is not publicly available elsewhere. 431 (4) Any data submitted by a title insurance agent or title 432 insurer pursuant to s. 627.782 are presumed to be a trade secret 433 under this section whether or not so designated. 434 Section 15. Section 627.7985, Florida Statutes, is created 435 to read: 436 627.7985 Rules relating to title insurance.— 437 (1) In addition to rules authorized elsewhere in the 438 Florida Insurance Code, the department may adopt rules relating 439 to title insurance pursuant to ss. 120.536(1) and 120.54 to 440 administer provisions relating to title insurance. The rules 441 may: 442 (a) Define the license and appointment requirements for 443 title insurance agents and agencies. 444 (b) Establish penalty guidelines for enforcing the 445 requirements of the Florida Insurance Code. 446 (c) Describe the fiduciary responsibilities of title 447 insurers, title insurance agents, and agencies, including, but 448 not limited to, duties related to escrow accounts. 449 (d) Identify the responsibilities, duties, and designations 450 of the agent in charge of a title insurance agency. 451 (e) Enable the collection and analysis of information from 452 title insurers, title insurance agents, and agencies relating to 453 title insurance business. 454 (f) Set reasonable requirements for the timely recording of 455 documents and the delivery of final title insurance policies. 456 (g) Set reasonable requirements for the timely disbursement 457 of funds, unless a longer holding period is specified in a 458 written escrow agreement. 459 (h) Establish rules for the protection, calculation, and 460 timely remittance of premiums that are owed to a title insurer. 461 (i) Prohibit the markup of the cost of any third-party 462 goods and services without having added value. 463 (2) In addition to any other penalty provided, willful 464 violation of any rule shall subject the violator to the 465 suspension or revocation of the violator’s certificate of 466 authority or license as may be applicable under the Florida 467 Insurance Code. 468 Section 16. Subsection (1) of section 627.780, Florida 469 Statutes, is amended to read: 470 627.780 Illegal dealings in premium.— 471 (1) A person may not knowingly quote, charge, accept, 472 collect, or receive a premium for title insurance other than the 473 premium adopted by the departmentcommission, except as provided 474 in s. 626.9541(1)(h)3.b. 475 Section 17. Subsection (8) of section 627.782, Florida 476 Statutes, is amended to read: 477 627.782 Adoption of rates.— 478 (8) Each title insurance agency licensed to do business in 479 this state and each insurer doing direct, retail, or affiliated 480 business in this state shall maintain and submit information, 481 including revenue, loss, and expense data, as the department 482 determines to be necessary to assist in the analysis of title 483 insurance premium rates, title search costs, and the condition 484 of the title insurance industry in this state. This information 485 must be transmitted to the department no later than March 31 of 486 each year following the reporting year. The department shall 487 adopt rules to assist in the collection and analysis of the data 488 from the title insurance industry.The commission may, by rule,489require licensees under this part to annually submit statistical490information, including loss and expense data, as the department491determines to be necessary to analyze premium rates, retention492rates, and the condition of the title insurance industry.493 Section 18. Section 689.263, Florida Statutes, is created 494 to read: 495 689.263 Sale of residential property; settlement statement 496 requirements.—A title insurance agent or title insurance agency 497 may not disburse funds pursuant to a completed purchase and sale 498 transaction subject to the Real Estate Settlement Procedures Act 499 of 1974, 12 U.S.C. ss. 2601 et seq., (RESPA) as amended, without 500 requiring a statement of settlement costs meeting the following 501 requirements: 502 (1) The settlement statement must be executed by the buyer, 503 borrower, seller, if any, and settlement agent as defined by 504 RESPA. 505 (2) If a title insurance premium is to be disbursed, the 506 title insurer and the title insurance agent or title insurance 507 agency, if any, must be disclosed. 508 Section 19. (1) Effective October 15, 2011, the rules of 509 the Financial Services Commission and the Office of Insurance 510 Regulation with respect to the regulation of title insurance 511 shall become the rules of the Department of Financial Services 512 and shall remain in effect until specifically amended or 513 repealed in the manner provided by law. 514 (2) All of the statutory powers, duties and functions, 515 records, personnel, property, unexpended balances of 516 appropriations, allocations, or other funds for the 517 administration of chapters 624, 626, and 627, Florida Statutes, 518 related to title insurance, shall be transferred by a type two 519 transfer, as defined in s. 20.06(2), Florida Statutes, from the 520 Financial Services Commission and the Office of Insurance 521 Regulation to the Department of Financial Services. 522 (3) The transfer of regulatory authority under chapters 523 624, 626, and 627, Florida Statutes, provided by this act shall 524 not affect the validity of any judicial or administrative action 525 relating to title insurance pending as of 11:59 p.m. on the day 526 before the effective date of this act, to which action the 527 Financial Services Commission or the Office of Insurance 528 Regulation are at that time parties, and the Department of 529 Financial Services shall be substituted as a party in interest 530 in any such action. 531 (4) All lawful orders issued by the Financial Services 532 Commission or the Office of Insurance Regulation implementing or 533 enforcing or otherwise in regard to any provision of chapter 534 624, chapter 626, or chapter 627, Florida Statutes, relating to 535 title insurance, issued prior to the effective date of this act, 536 shall remain in effect and be enforceable after the effective 537 date of this act, unless thereafter modified in accordance with 538 law. 539 (5) The Legislature recognizes that there is a need to 540 conform the Florida Statutes to the policy decisions reflected 541 in the provisions of this act. The Division of Statutory 542 Revision is directed to provide the relevant substantive 543 committees of the Senate and the House of Representatives with 544 assistance, upon request, to enable the committees to prepare 545 draft legislation to conform the Florida Statutes to the 546 provisions of this act. 547 (6) The Division of Title Insurance is directed to work 548 with affected parties and to make recommendations to the 549 Legislature for the consolidation of all of title insurance 550 governance into a single chapter of Florida Statutes, the 551 possible implementation of other recommendations of the Title 552 Insurance Study Advisory Council, and other suggestions for 553 improvement of the statutory regulation of the title insurance 554 industry. 555 Section 20. This act shall take effect July 1, 2011.