Senate Bill S2929A

2019-2020 Legislative Session

Relates to title insurance

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2019-S2929 - Details

See Assembly Version of this Bill:
A2223
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §6409, Ins L
Versions Introduced in Other Legislative Sessions:
2021-2022: A374
2023-2024: A7152

2019-S2929 - Summary

Permits any title insurance corporation or title insurance agent, or any other person acting for or on behalf of the title insurance corporation or title insurance agent, from undertaking any usual and customary marketing activity aimed at acquainting present and prospective customers with the advantages of using a particular title insurer or title insurance agent that are not intended for the purpose of a reward for the future placement of, or the past placement, of a particular piece of title insurance business; lays out such permitted practices.

2019-S2929 - Sponsor Memo

2019-S2929 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2929
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 30, 2019
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Insurance
 
 AN ACT to amend the insurance law, in relation to allowable expenses for
   title insurance corporations and title insurance agents
 
   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.
              

co-Sponsors

2019-S2929A (ACTIVE) - Details

See Assembly Version of this Bill:
A2223
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §6409, Ins L
Versions Introduced in Other Legislative Sessions:
2021-2022: A374
2023-2024: A7152

2019-S2929A (ACTIVE) - Summary

Permits any title insurance corporation or title insurance agent, or any other person acting for or on behalf of the title insurance corporation or title insurance agent, from undertaking any usual and customary marketing activity aimed at acquainting present and prospective customers with the advantages of using a particular title insurer or title insurance agent that are not intended for the purpose of a reward for the future placement of, or the past placement, of a particular piece of title insurance business; lays out such permitted practices.

2019-S2929A (ACTIVE) - Sponsor Memo

2019-S2929A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2929--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 30, 2019
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee  on  Insurance  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN ACT to amend the insurance law, in relation to allowable expenses for
   title insurance corporations and title insurance agents
 
   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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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