HB 612 (BR 971) - C. Geveden
AN ACT relating to title companies.
Create several new sections of KRS Chapter 367 to define "title company"; to require title companies to be licensed with the Attorney General; to establish licensing procedures, requirements, and fees; to establish that a title company is liable to the purchaser of real estate for title defects that the title company negligently or intentionally failed to discover, and for any other errors or omissions resulting from the services related to the title company business; require title companies to maintain liability insurance coverage; to require the Attorney General to suspend or revoke a title company's license, or levy a fine against a licensee in certain situations; to establish an investigation and complaint procedure; to require the Attorney General to order a hearing before denying an application for license or before ordering any disciplinary action against a licensee, and to allow an aggrieved licensee to appeal; and, to give Attorney General authority to promulgate administrative regulations that are necessary to carry out the provisions of the Act.
Feb 26-introduced in House
Mar 1-to Judiciary (H)