SB 168-2_ Filed 01/31/2002, 17:34 Lawson C

SENATE MOTION


MR. PRESIDENT:

    I move that Senate Bill 168 be amended to read as follows:

    Page 2, line 7, after "Sec. 21." insert " (a)".
    Page 2, line 8, after "perform" insert " or cause to be performed".
    Page 2, line 9, delete "the issuance of the policy" and insert " 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.
    (b) Before a company may issue a title insurance policy without performing or causing to be performed a title search under subsection (a), the company shall provide the person obtaining the mortgage with information concerning the person's liability under the title insurance policy.
".
    (Reference is to SB 168 as printed January 29, 2002.)

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Senator LAWSON C


RS 016802/DI zs
2002