NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature. The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.
Only the most recent FIR version, excluding attachments, is available on the Intranet. Previously issued FIRs and attachments may be obtained from the LFC office in Suite 101 of the State Capitol Building North.
| SPONSOR: | Leavell | DATE TYPED: | 03/16/01 | HB | |||
| SHORT TITLE: | Sale of Title Insurance by Chartered Banks | SB | 309/aSCORC/aHFl#1 | ||||
| ANALYST: | Wilson | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY01 | FY02 | FY01 | FY02 | ||
| NFI | |||||
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
Public Regulation Commission (PRC)
Economic Development Department (EDD)
SUMMARY
Synopsis HFl#1 Amendment
House Floor Amendment #1 amends SB309 by including a new section "59A-12-16" on examination for license. Each applicant for license must take and pass an examination. Exceptions to the provision are also outlined in the new section.
Synopsis of SCORC Amendment
This amendment adds "an affiliate" of a state or federally chartered bank which may be licensed to sell title insurance.
Synopsis of Original Bill
SB 309 amends the Insurance Code to allow a subsidiary of a state or federally charted bank to be licensed to sell title insurance.
Significant Issues
Up until the recent passage of the Graham-Leach-Bliley legislation by the federal government there was a prohibition against lending institutions selling title insurance. SB 309 will bring New Mexico law into compliance with the federal legislation.
DW/ar:prr