SB 295-1_ Filed 04/07/2005, 07:26 Foley
Adopted 4/7/2005


Text Box


    PREVAILED      Roll Call No. _______
    FAILED        Ayes _______
    WITHDRAWN        Noes _______
    RULED OUT OF ORDER


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HOUSE MOTION ____

]

MR. SPEAKER:

    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.)

________________________________________

Representative Foley


MO029501/DI 107     2005