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.