Assembly Bill A1354

2021-2022 Legislative Session

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

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2021-A1354 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §6409, Ins L
Versions Introduced in Other Legislative Sessions:
2017-2018: A8467
2019-2020: A402

2021-A1354 (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.

2021-A1354 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1354
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 8, 2021
                                ___________
 
 Introduced  by M. of A. CAHILL, PAULIN, WEPRIN, RA, HYNDMAN, MAGNARELLI,
   WOERNER, McDONOUGH, ENGLEBRIGHT, PHEFFER AMATO, ABINANTI,  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
 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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