Bill Text: NJ S3081 | 2020-2021 | Regular Session | Introduced
Bill Title: Repeals law concerning excess rates and charges for title insurance; makes agreement to use services of title or settlement service company subject to attorney review.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2022-01-18 - Approved P.L.2021, c.397. [S3081 Detail]
Download: New_Jersey-2020-S3081-Introduced.html
Sponsored by:
Senator TROY SINGLETON
District 7 (Burlington)
SYNOPSIS
Repeals law concerning excess rates and charges for title insurance.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning title insurance and repealing section 39 of P.L.1975, c.106.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 39 of P.L.1975, c.106 (C.17:46B-39) is repealed.
2. This act shall take effect immediately.
STATEMENT
Current law provides that if the rates and charges for personal or controlled insurance from any one source so issued in a calendar year received by a title insurance company or by a title insurance agent exceed 25%, or from all sources exceed 50% of the total rates and charges received by the title insurance company or title insurance agent for title insurance issued in the same year, the excess is an unlawful rebate that is subject to penalty. The bill eliminates this provision of law.
