SB 295-1_ Filed 04/07/2005, 07:26 Foley
PREVAILED Roll Call No. _______
FAILED Ayes _______
WITHDRAWN Noes _______
RULED OUT OF ORDER
HOUSE MOTION ____
I move that Engrossed Senate Bill 295 be amended to read as follows:
SOURCE: Page 1, line 1; (05)MO029501.1. -->
Page 1, between the enacting clause and line 1, begin a new
paragraph and insert:
SOURCE: IC 27-7-3-18; (05)MO029501.1. -->
"SECTION 1. IC 27-7-3-18 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 18. The provisions of
this chapter, except section 21 of this chapter, shall not apply to any
insurance company organized or desiring to organize under and
pursuant to IC 27-1 nor to any person, firm, partnership, corporation,
limited liability company, association, or company whose business is
the making of abstracts of title to real estate and attaching their
certificate thereto and not engaging in the business of making title
insurance, nor to any person, firm, partnership, corporation, limited
liability company, or association acting as an authorized agent for a
duly qualified title insurance company.
SOURCE: IC 27-7-3-21; (05)MO029501.2. -->
SECTION 2. IC 27-7-3-21 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 21. A company
described in section 3 of this chapter
that issues a title insurance policy
shall perform or cause to be performed a title search for the real estate
in conjunction with a mortgage secured by the real estate unless the
mortgage meets all of the following requirements:
(1) The principal amount of the mortgage is not more than fifty
thousand dollars ($50,000).
(2) The mortgage is subordinate to a prior mortgage where a title
search was conducted and a title policy was issued.
(3) The mortgage is not a reverse mortgage.".
Renumber all SECTIONS consecutively.
(Reference is to ESB 295 as printed April 5, 2005.)
MO029501/DI 107 2005