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Committee approves Senate Bill 22 as amended to standardize title agent audits, raise bond amount and change effective date
Summary
The committee amended and voted to move Senate Bill 22 out of committee favorably for passage. The amendment changes the bill’s effective date to Jan. 1, 2026. The bill requires title‑agent audit reports to be available for inspection, standardizes surety bond amounts at $100,000 and narrows a controlled‑business exception in certain counties.
The Senate Committee on Financial Institutions and Pensions amended and approved Senate Bill 22, which would change how title agents report audits, require inspections rather than annual filings, standardize surety bond amounts at $100,000, and eliminate the controlled‑business exception in certain counties. The committee approved a Revisers’ Office technical amendment to set the bill’s effective date to Jan. 1, 2026, and then voted the bill favorably out of committee for passage.
Revisers’ Office staff summarized the bill: it ‘‘would require title agents to make their audit reports available for inspection instead of submitting those reports annually. It would also require the amount of surety bonds filed with the commissioner of insurance to be standardized at $100,000 and would eliminate the controlled business exception in certain counties.’’ The Revisers’ Office proposed an amendment to change the enactment date; the committee approved that amendment with a voice vote.
Senator Fagg moved that the committee move SB 22, as amended, out of committee favorably for passage. After a second from Senator Arderbeidt, the committee voted in favor with no recorded opposition. The chair announced the bill ‘‘will be moved out of committee as amended favorably for passage.’’
Because the bill was amended, a committee member asked about the consent calendar; Revisers’ Office staff noted bills amended in committee are ineligible for the consent calendar.
The bill will proceed through committee paperwork and the legislative process; committee members said they would return to remaining bills and hearings the following day.
