SECTION 1.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 a 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.
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