Mississippi Legislature
2003 Regular Session

Senate Bill 2467

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Bill Text

History of Actions

Background

Title

Description: Mississippi Title Insurance Act; create.

Bill Text: [Introduced]

History of Actions:

1 01/20 (S) Referred To Insurance
2 02/04 (S) Died In Committee

Background Information:

Effective dateJuly 1, 2003
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
Vote type requiredThree/Fifths

Senate Committee:

Principal Author: Kirby

Code Sections: A 083-0015-0001, A 083-0015-0003

Title: AN ACT TO CREATE THE MISSISSIPPI TITLE INSURANCE ACT; TO AMEND SECTION 83-15-1, MISSISSIPPI CODE OF 1972, TO PROVIDE THE SHORT TITLE AND PURPOSE OF THE CHAPTER; TO CREATE NEW SECTION 83-15-2, MISSISSIPPI CODE OF 1972, TO DEFINE TERMS USED IN THE CHAPTER; TO AMEND SECTION 83-15-3, MISSISSIPPI CODE OF 1972, TO RECODIFY THE PROVISIONS OF FORMER SECTION 83-15-1; TO CREATE NEW SECTION 83-15-4, MISSISSIPPI CODE OF 1972, TO RECODIFY THE PROVISIONS OF FORMER SECTION 83-15-3 AND TO REQUIRE STATE RESIDENCY FOR PERSONS OR AGENTS ISSUING TITLE INSURANCE POLICIES; TO CREATE NEW SECTION 83-15-13, MISSISSIPPI CODE OF 1972, TO PROHIBIT THE REBATE OF PREMIUMS; TO CREATE NEW SECTION 83-15-15, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE TIME WITHIN WHICH AN AGENT SHALL ISSUE A TITLE INSURANCE POLICY AFTER THE PREMIUM HAS BEEN COLLECTED; TO CREATE NEW SECTION 83-15-17, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE TIME WITHIN WHICH AN AGENT SHALL REPORT TO THE TITLE INSURER ALL POLICIES ISSUED BY THE AGENCY AND SHALL REMIT PREMIUMS; TO CREATE NEW SECTION 83-15-19, MISSISSIPPI CODE OF 1972, TO REQUIRE APPROVAL OF FORMS BY THE COMMISSIONER OF INSURANCE; TO CREATE NEW SECTION 83-15-21, MISSISSIPPI CODE OF 1972, TO REQUIRE THE DETERMINATION OF INSURABILITY AND THE PRESERVATION OF EVIDENCE OF TITLE SEARCH AND EXAMINATION; TO CREATE NEW SECTION 83-15-23, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A TITLE INSURANCE POLICY MAY NOT BE ISSUED WITHOUT REGARD TO THE POSSIBLE EXISTENCE OF ADVERSE MATTERS OR DEFECTS OF TITLE; TO CREATE NEW SECTION 83-15-25, MISSISSIPPI CODE OF 1972, TO PROHIBIT ILLEGAL DEALINGS IN RISK PREMIUM; TO CREATE NEW SECTION 83-15-27, MISSISSIPPI CODE OF 1972, TO REQUIRE THE COMMISSIONER OF INSURANCE TO ADOPT PREMIUM RATES; TO CREATE NEW SECTION 83-15-29, MISSISSIPPI CODE OF 1972, TO REQUIRE NOTICE OF AVAILABILITY OF OWNER'S TITLE INSURANCE TO BE GIVEN TO THE PURCHASER/MORTGAGOR; TO CREATE NEW SECTION 83-15-31, MISSISSIPPI CODE OF 1972, TO PROVIDE CONDITIONS UNDER WHICH A TITLE INSURER AND AGENT MAY OPERATE AS AN ESCROW, SETTLEMENT OR CLOSING AGENT; TO CREATE NEW SECTION 83-15-33, MISSISSIPPI CODE OF 1972, TO PROHIBIT THE TRANSACTION OF TITLE INSURANCE IN ADDITION TO ANY OTHER KIND OF INSURANCE; TO CREATE NEW SECTION 83-15-35, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER TO ADOPT RULES AND REGULATIONS FOR THE PURPOSE OF IMPLEMENTING THE PROVISIONS OF THIS ACT; TO CREATE NEW SECTION 83-15-37, MISSISSIPPI CODE OF 1972, TO PROVIDE ERRORS AND OMISSIONS POLICY REQUIREMENTS; TO CREATE NEW SECTION 83-15-39, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR VIOLATIONS OF THE CHAPTER AND PENALTIES THEREFOR; TO CREATE NEW SECTION 83-15-41, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE CHAPTER SHALL NOT BE INTERPRETED AS REGULATING THE PRACTICE OF LAW IN THIS STATE; TO CREATE NEW SECTION 83-15-43, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR SEVERABILITY; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 02/04/03 at 18:13.

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