MR. PRESIDENT:
I move
that Engrossed House Bill 1189 be amended to read as follows:
Page 11, between lines 26 and 27, begin a new paragraph and
insert:
"SECTION 6.
IC 27-7-3-2
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2000]: Sec. 2. As used in this
chapter and unless a different meaning appears from the context:
(a) The term "title insurance" means a contract of insurance against
loss or damage on account of encumbrances upon or defects in the title
to real estate.
(b) The term "company" shall mean and include any corporation,
domestic or foreign, to which this chapter is applicable.
(c) The term "department" shall mean the department of insurance
of the state of Indiana.
(d) The term "commissioner" shall mean the insurance
commissioner.
(e) "Public record" means a record established under state law
to provide constructive notice of matters affecting real estate to a
bona fide purchaser or lender for value who does not have actual
knowledge of matters affecting the real estate.
(f) "Title plant" means a privately maintained copy of a public
record.
(g) "Title search" means a search and examination of:
(1) public records in the county in which real estate is
located; or
(2) a title plant;
to determine ownership of the real estate and encumbrances upon
or defects in the title to the real estate.
SOURCE: IC 27-7-3-21; (00)HB1151.1.2. -->
SECTION 7.
IC 27-7-3-21
IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2000]: Sec. 21. A company described in section 3 of this
chapter
that issues a title insurance policy shall perform a title search for
the real estate in conjunction with the issuance of the policy.".
Renumber all SECTIONS consecutively.
(Reference is to EHB 1189 as printed February 22, 2000.)