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| SPONSOR: | Griego | DATE TYPED: | 02/13/01 | HB | |||
| SHORT TITLE: | Title Insurance Agent Licensing | SB | 422 | ||||
| ANALYST: | Wilson | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY01 | FY02 | FY01 | FY02 | ||
| NFI | |||||
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
Public Regulation Commission (PRC)
LFC files
SUMMARY
Synopsis of Bill
SB 422 requires title insurance agents to take and pass an examination in order to be licensed. Currently title insurance agents are exempted from examination requirements, but SB 422 removes the exemption.
Significant Issues
Agents and applicants in all other lines of insurance are tested for competence, knowledge and an understanding of attendant responsibility and duties of the insurance business to be transacted under the license.
ADMINISTRATIVE IMPLICATIONS
The PRC currently contracts out the agents' testing so that there will be no additional requirements for the PRC staff.
DW/ar/njw