HOUSE BILL 802

Sponsored By:

Delegate Fulton

Entitled:

Title Insurance - Trust Money Protection

Synopsis:

Requiring title insurers to provide reimbursement for actual loss of trust money sustained as a result of conversion or misappropriation by specified persons to specified sellers, purchasers, borrowers, and lenders in connection with specified real estate transactions; establishing specified limitations on the provision of reimbursement; providing for the allocation of liability for losses resulting from conversion or misappropriation of specified trust money under specified circumstances; etc.

History by Legislative Date

House Action

2/7

First Reading Economic Matters

2/12

Hearing 2/20 at 1:00 p.m.

3/18

Unfavorable Report by Economic Matters

Senate Action

No Action

Bill indexed under the following Subjects:

AGENTS AND BROKERS

CONSUMER PROTECTION -see also- UNFAIR TRADE PRACTICES

DISCLOSURE

ESCROW ACCOUNTS

FEES -see also- DEVELOPMENT FEES AND TAXES

FINANCE COMPANIES

FRAUD -see also- FORGERY

INSURANCE ADMINISTRATION

INSURANCE -see also- HEALTH INS; MAIF; MOTOR VEHICLE INS

LIABILITY -see also- GOOD SAMARITAN

NOTICES

REAL ESTATE -see also- AGENTS AND BROKERS

REAL PROPERTY

SETTLEMENT PROCEDURES

TITLES

Bill affects the following Statutes:

Insurance

( 22-102 , 22-104 , 27-216 , 27-216 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled

Fiscal Note: Available (PDF)

Amendments: None offered