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Committee hears bill to change title-agent audits, standardize $100,000 surety bond and remove rural controlled-business exemption
Summary
The House Insurance Committee met and heard testimony on House Bill 2042, a Department of Insurance‑sponsored measure that would (1) stop requiring title insurance agents to submit annual audit reports to the commissioner and instead make those audits available on request, (2) standardize the surety bond or irrevocable letter of credit amount at $100,000 for title agents, and (3) remove the controlled‑business exemption that currently applies in counties with populations of 10,000 or fewer.
The House Insurance Committee met and heard testimony on House Bill 2042, a Department of Insurance‑sponsored measure that would (1) stop requiring title insurance agents to submit annual audit reports to the commissioner and instead make those audits available on request, (2) standardize the surety bond or irrevocable letter of credit amount at $100,000 for title agents, and (3) remove the controlled‑business exemption that currently applies in counties with populations of 10,000 or fewer.
Why it matters: The department told the committee the changes are intended to reduce administrative burden for both the department and title agents, and to close enforcement gaps that make it difficult to verify whether title orders reported as local actually occurred in the counties claimed.
Kyle Strathman,…
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