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.)