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AN ACT
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relating to continuation of title insurance coverage of transferred |
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property. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2703.101, Insurance Code, is amended by |
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adding Subsection (g) to read as follows: |
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(g) For an owner's title insurance policy on residential |
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real property that is issued to an individual, the commissioner |
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shall adopt terms that provide for continuation of coverage subject |
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to rights and defenses against the original named insured for: |
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(1) a person who inherits the original named insured's |
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title on the original named insured's death; |
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(2) the original named insured's spouse who receives |
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title in a dissolution of marriage with the original named insured; |
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(3) the trustee or successor of a trust established by |
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the original named insured to whom the original named insured |
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transfers title after the date of policy; or |
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(4) the beneficiaries of a trust described by |
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Subdivision (3) on the death of the original named insured. |
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SECTION 2. This Act applies only to an insurance policy or |
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contract that is delivered, issued for delivery, or renewed on or |
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after January 1, 2010. An insurance policy or contract delivered, |
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issued for delivery, or renewed before January 1, 2010, is governed |
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by the law as it existed immediately before the effective date of |
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this Act, and that law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2009. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 3768 was passed by the House on May |
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12, 2009, by the following vote: Yeas 149, Nays 0, 1 present, not |
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voting; that the House refused to concur in Senate amendments to |
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H.B. No. 3768 on May 29, 2009, and requested the appointment of a |
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conference committee to consider the differences between the two |
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houses; and that the House adopted the conference committee report |
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on H.B. No. 3768 on May 31, 2009, by the following vote: Yeas 140, |
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Nays 0, 1 present, not voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 3768 was passed by the Senate, with |
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amendments, on May 27, 2009, by the following vote: Yeas 31, Nays |
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0; at the request of the House, the Senate appointed a conference |
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committee to consider the differences between the two houses; and |
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that the Senate adopted the conference committee report on H.B. No. |
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3768 on May 31, 2009, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: __________________ |
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Date |
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__________________ |
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Governor |