senate Bill S6704

2017-2018 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 16, 2018 referred to codes
delivered to assembly
passed senate
ordered to third reading cal.158
committee discharged and committed to rules
Jan 03, 2018 referred to insurance
returned to senate
died in assembly
Jun 19, 2017 referred to insurance
delivered to assembly
passed senate
ordered to third reading cal.1981
Jun 14, 2017 referred to rules

Votes

view votes

Jan 16, 2018 - Rules committee Vote

S6704
20
0
committee
20
Aye
0
Nay
5
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

Jun 19, 2017 - Rules committee Vote

S6704
23
0
committee
23
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

Co-Sponsors

S6704 - Details

See Assembly Version of this Bill:
A8467
Law Section:
Insurance Law
Laws Affected:
Amd ยง6409, Ins L

S6704 - 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.

S6704 - Sponsor Memo

S6704 - Bill Text download pdf

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

                                  6704

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                              June 14, 2017
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

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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