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2000 SESSION

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SB 620 Consumer Real Estate Settlement Protection Act.

Introduced by: Warren E. Barry | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Consumer Real Estate Settlement Protection Act; licensing requirements, standards and financial responsibility. Requires title insurance agents acting in the capacity of settlement agents to be licensed. No insurer may intentionally make any materially false or misleading statement or entry on a settlement statement. In addition to current statutory penalties for violating this act, the State Corporation Commission may order a penalty of up to $5,000 for each violation; issue a temporary or permanent injunction, or restraining order; and order restitution to be made. These penalties are not exclusive of penalties set out by other licensing authorities, including penalties for the unauthorized practice of law. An insurer licensed for the business of title insurance who knows or believes one of its agents has committed any act of larceny in that agent’s provision of escrow, closing or settlement services shall file with the Commission a complete statement of the relevant facts and circumstances. Statements are privileged communications, and do not subject the insurer, or its representative, to any liability.


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