assembly Bill A402

2019-2020 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 - In Assembly Committee


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 09, 2019 referred to insurance

Co-Sponsors

view additional co-sponsors

A402 (ACTIVE) - Details

See Senate Version of this Bill:
S2928
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §6409, Ins L
Versions Introduced in 2017-2018 Legislative Session:
A8467, S6704

A402 (ACTIVE) - 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.

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

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.