MADAM PRESIDENT:
I move
that Engrossed House Bill 1114 be amended to read as follows:
Delete the title and insert the following:
A BILL FOR AN ACT to amend the Indiana Code concerning
property and to make an appropriation.
Page 1, between the enacting clause and line 1, begin a new
paragraph and insert:
"SECTION 1. IC 27-7-3.5-32, AS ADDED BY SEA 349-2006,
SECTION 2, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2006]: Sec. 32. (a) The title insurance enforcement fund is
established for the following purposes:
(1) To provide supplemental funding for department operations
that are related to title insurance.
(2) To pay the costs of hiring and employing staff in the areas of
enforcement of title insurance law.
(b) The title insurance enforcement fund shall be administered by
the commissioner. The expenses of administering the title insurance
enforcement fund shall be paid from money in the fund.
(c) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same manner
as other public money may be invested.
(d) Money in the fund at the end of a state fiscal year does not
revert to the state general fund.
(e) The budget agency may augment the appropriation for the
department of insurance from balances in the fund.
(e) (f) The following shall be deposited in the title insurance
enforcement fund:
(1) Policy reporting fees remitted by title insurers to the
commissioner under section 32.5 of this chapter.
(1) (2) All fines, monetary penalties, and costs imposed upon
persons by the department as authorized by law for violation of
this chapter.
(2) (3) Other amounts remitted to the commissioner or the
department that are required by law to be deposited into the title
insurance enforcement fund.
SECTION 2. IC 27-7-3.5-32.5 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2006]: Sec . 32.5. (a) A person that purchases
a title insurance policy shall pay to the title insurer that issues the
title insurance policy a fee of five dollars ($5) at the time of
payment for the title insurance policy. The fee must be specified as
a line item on the closing statement and on the HUD-1 or HUD 1A
form used in residential transactions.
(b) A title insurer shall:
(1) retain two dollars ($2) of the fee collected under
subsection (a) as an administrative fee; and
(2) pay to the department three dollars ($3) of the fee
collected under subsection (a) for deposit in the title
insurance enforcement fund established under section 32 of
this chapter.".
Renumber all SECTIONS consecutively.
(Reference is to EHB 1114 as printed February 24, 2006.)