Assembly Bill A8467

2017-2018 Legislative Session

Relates to the definition of the phrase "an inducement for, or as compensation for, any title insurance business"

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-A8467 (ACTIVE) - Details

See Senate Version of this Bill:
S6704
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §6409, Ins L
Versions Introduced in Other Legislative Sessions:
2019-2020: A402, S2928
2021-2022: A1354

2017-A8467 (ACTIVE) - Summary

Relates to the definition of the phrase "an inducement for, or as compensation for, any title insurance business" as it relates to the prohibition against certain actions.

2017-A8467 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8467
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 16, 2017
                                ___________
 
 Introduced by M. of A. CAHILL -- read once and referred to the Committee
   on Insurance
 
 AN  ACT  to  amend  the insurance law, in relation to the prohibition of
   commissions and rebates
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Subsection  (d)  of section 6409 of the insurance law, as
 amended by section 17 of part V of chapter 57 of the laws  of  2014,  is
 amended to read as follows:
   (d)  (1) No title insurance corporation, title insurance agent, or any
 other person acting for or on behalf of the title insurance  corporation
 or  title  insurance agent, shall offer or make, directly or indirectly,
 any rebate of any portion of the fee, premium or charge made, or pay  or
 give  to any applicant, or to any person, firm, or corporation acting as
 agent, representative, attorney, or employee of the owner, lessee, mort-
 gagee or the prospective owner, lessee, or mortgagee of the real proper-
 ty or any interest therein, either directly or indirectly,  any  commis-
 sion,  any  part  of  its fees or charges, or any other consideration or
 valuable thing, as an inducement for, or as compensation for, any  title
 insurance  business,  nor  shall  any applicant, or any person, firm, or
 corporation acting as agent, representative, attorney,  or  employee  of
 the  owner,  lessee,  mortgagee  or of the prospective owner, lessee, or
 mortgagee of the real property or anyone having  any  interest  in  real
 property  knowingly  receive, directly or indirectly, any such rebate or
 other consideration or valuable thing. Any person or entity who violates
 this section shall be subject to a penalty of [(1)]  (I)  five  thousand
 dollars; or [(2)] (II) up to ten times the amount of any compensation or
 rebate  received or paid in the case of a title insurance corporation or
 title insurance agent; or [(3)] (III) up to five times the amount of any
 compensation or rebate received or paid; or [(4)] (IV) in the case of an
 applicant for title insurance that covers real  property  used  predomi-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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