assembly Bill A8467

2017-2018 Legislative Session

Relates to the definition of the phrase "an inducement for, or as compensation for, any title insurance business"

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Sponsored By

Current Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 17, 2018 committed to insurance
Jan 03, 2018 referred to codes
Jun 20, 2017 reported referred to codes
Jun 16, 2017 referred to insurance

Co-Sponsors

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A8467 - Details

See Senate Version of this Bill:
S6704
Law Section:
Insurance Law
Laws Affected:
Amd ยง6409, Ins L

A8467 - Summary

Relates to the definition of the phrase "an inducement for, or as compensation for, any title insurance business" as it relates to the prohibition against certain actions.

A8467 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8467

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                              June 16, 2017
                               ___________

Introduced by M. of A. CAHILL -- read once and referred to the Committee
  on Insurance

AN  ACT  to  amend  the insurance law, in relation to the prohibition of
  commissions and rebates

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subsection  (d)  of section 6409 of the insurance law, as
amended by section 17 of part V of chapter 57 of the laws  of  2014,  is
amended to read as follows:
  (d)  (1) No title insurance corporation, title insurance agent, or any
other person acting for or on behalf of the title insurance  corporation
or  title  insurance agent, shall offer or make, directly or indirectly,
any rebate of any portion of the fee, premium or charge made, or pay  or
give  to any applicant, or to any person, firm, or corporation acting as
agent, representative, attorney, or employee of the owner, lessee, mort-
gagee or the prospective owner, lessee, or mortgagee of the real proper-
ty or any interest therein, either directly or indirectly,  any  commis-
sion,  any  part  of  its fees or charges, or any other consideration or
valuable thing, as an inducement for, or as compensation for, any  title
insurance  business,  nor  shall  any applicant, or any person, firm, or
corporation acting as agent, representative, attorney,  or  employee  of
the  owner,  lessee,  mortgagee  or of the prospective owner, lessee, or
mortgagee of the real property or anyone having  any  interest  in  real
property  knowingly  receive, directly or indirectly, any such rebate or
other consideration or valuable thing. Any person or entity who violates
this section shall be subject to a penalty of [(1)]  (I)  five  thousand
dollars; or [(2)] (II) up to ten times the amount of any compensation or
rebate  received or paid in the case of a title insurance corporation or
title insurance agent; or [(3)] (III) up to five times the amount of any
compensation or rebate received or paid; or [(4)] (IV) in the case of an
applicant for title insurance that covers real  property  used  predomi-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13184-01-7

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