Bill Text: HI HB913 | 2011 | Regular Session | Introduced
Bill Title: Title Insurers; Coverage; Title Report; Fraud; Penalty
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-01-26 - (H) Referred to CPC, JUD, referral sheet 2 [HB913 Detail]
Download: Hawaii-2011-HB913-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
913 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to title insurance.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 431:20, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§431:20- Purchaser coverage. Any policy that is purchased for the purpose of indemnifying a lender financing the purchase or other activity on real property shall also indemnify and name as an insured the purchaser of the policy."
SECTION 2. Section 431:20-113, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) Except as allowed by [regulations
promulgated] rules adopted by the commissioner, no title insurer
shall knowingly issue any title insurance policy [or], commitment
to insure, or title report without showing all outstanding, enforceable
recorded liens or other interests against the property for which the title
[to which] is to be insured. In addition to any other penalty
provided by law, any person who violates this subsection shall be guilty of a
class C felony."
SECTION 3. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Title Insurers; Coverage; Title Report; Fraud; Penalty
Description:
Requires any policy that is purchased for the purpose of indemnifying a lender to also indemnify the purchaser of the policy. Provides that knowingly issuing a policy of title insurance or title report that excludes other interests against the property is a class C felony.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
