SB 1985

Present law requires a foreign title insurance company desiring to transact a title insurance business in this state to first file with the commissioner a written power of attorney appointing and authorizing the commissioner as its agent for the purpose of acknowledging or receiving service of process and upon whom process may be served, in all proceedings that may be inst ituted against the company in any court of this state, or in any court of the United States in this state, which power of attorney contin ue s in force so long as any liability remains outstanding against the insurer in this state. This bill removes the requirements described above and only requires such foreign title insurance company to maintain an office within this state so long as any liability remains outstanding against the insurer in this state. PREMIUM FOR TITLE INSURANCE This bill requires the premium for title insurance to be paid equally by the buyer and the seller of the real property for which title insurance is being issued. CONTRACT FOR CONVEYANCE OF REAL PROPERTY FOR NON-RESIDENTS This bill requires a contract for conveyance of real property to a purchaser who is not a resident of this state to include the designation of an agent for the purchaser within the state for the purpose of acknowledging or receiving service of process and upon whom process may be served, in all proceedings that may be instituted against the purchaser in any court of t his state, or in any court of the United States in this state. This bill prohibits the register of deeds from record ing a deed for conveyance of real property unless the deed has been prepared by an attorney licensed in this state. The attorney must include the attorney's board of professional responsibility number on the deed. A deed recorded on or after July 1, 2026, that was not prepared by an attorney may be declared void.