|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 09, 2019||referred to insurance|
assembly Bill A402
Current Bill Status - In Assembly Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
A402 (ACTIVE) - Details
A402 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 402 2019-2020 Regular Sessions I N A S S E M B L Y (PREFILED) January 9, 2019 ___________ Introduced by M. of A. CAHILL, PAULIN, WEPRIN, RA, HYNDMAN, MAGNARELLI, WOERNER, McDONOUGH, ENGLEBRIGHT, PHEFFER AMATO, JAFFEE, ABINANTI, RAIA, BRAUNSTEIN, THIELE, BYRNE, DiPIETRO -- 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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