HOUSE DOCKET, NO. 2049        FILED ON: 1/15/2015

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1357

The Commonwealth of Massachusetts

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PRESENTED BY:

Sheila C. Harrington

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to title insurance closing protection letters.

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PETITION OF:

HOUSE DOCKET, NO. 2049        FILED ON: 1/15/2015

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1357

The Commonwealth of Massachusetts

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In the One Hundred and Eighty-Ninth General Court
(2015-2016)

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An Act relative to title insurance closing protection letters.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

amending the eleventh clause of section 47 of chapter 175 of the General Laws, as most recently appearing, is hereby amended by inserting at the end thereof the following: A title insurance company is expressly authorized to issue closing protection to a proposed insured upon request if the title insurance company or its title agent issues a preliminary report, binder or title insurance policy. A closing protection letter shall be issued by title insurance company in connection with the issuance of any loan policy insuring a lender's interest in residential property intended for residential occupancy containing  four (4) or less units. Said closing protection shall be provided for a fee of $50.00, per transaction closing protection letter issued and which must be in a form adopted from time to time by the American Land Title Association.  Said fee is not to be the subject of any agreement requiring a division of the fee collected on behalf of the title insurance company.