SRC-CTC S.B. 1307 77(R)   BILL ANALYSIS


Senate Research Center   S.B. 1307
By: Harris
Business & Commerce
3/27/2001
As Filed


DIGEST AND PURPOSE 

Currently, the language of both the Texas Insurance Code regarding
disclosures on settlement statements in real estate closings and the
federal Real Estate Settlement Procedures Act creates confusion about what
disclosures title insurance companies or title insurance agents are
required to provide to consumers.  As proposed, S.B. 1307 removes wording
in the Texas Insurance Code that creates the ambiguity to enable the Texas
Department of Insurance to proceed with enforcing disclosure requirements. 

RULEMAKING AUTHORITY

This bill does not expressly grant any additional rulemaking authority to a
state officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Article 9.53, Insurance Code, to require the
Commissioner of Insurance of the State of Texas, rather than State Board of
Insurance of the State of Texas, on or prior to January 1, 1976 and after
notice and hearing, to prescribe uniform settlement and closing statement
forms to be used in connection with the settlement and closing of any
conveyance or mortgaging of real estate in which transaction a title
insurance policy is issued by any title insurance company or title
insurance agent.  Deletes wording relating to the provisions of Article
9.53.  Makes conforming changes. 

SECTION 2.  Effective date: upon passage or September 1, 2001.