February 6, 2001
SENATE BILL No. 196
_____
DIGEST OF SB 196
(Updated February 1, 2001 12:39 PM - DI 104)
Citations Affected: IC 27-7.
Synopsis: Title insurance. Requires a title insurance company that
issues a title insurance policy to perform a title search in conjunction
with the issuance of the policy. Defines "title search".
Effective: July 1, 2001.
January 9, 2001, read first time and referred to Committee on Insurance and Financial
Institutions.
February 5, 2001, amended, reported favorably _ Do Pass.
February 6, 2001
First Regular Session 112th General Assembly (2001)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
Constitution) is being amended, the text of the existing provision will appear in this style type,
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Additions: Whenever a new statutory provision is being enacted (or a new constitutional
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NEW will appear in that style type in the introductory clause of each SECTION that adds
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SENATE BILL No. 196
A BILL FOR AN ACT to amend the Indiana Code concerning
insurance.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 27-7-3-2; (01)SB0196.1.1. -->
SECTION 1. IC 27-7-3-2 IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2001]: 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 search" means a search and examination of the public
records sufficient to determine:
(1) ownership of;
(2) encumbrances on;
(3) liens on; and
(4) defects in the title to;
the real estate that is the subject of the search.
SOURCE: IC 27-7-3-21; (01)SB0196.1.2. -->
SECTION 2. IC 27-7-3-21 IS ADDED TO THE INDIANA CODE
AS A
NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2001]:
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.