Senate Bill sb0638

    Florida Senate - 2005                                   SB 638

    By Senator Wise





    5-442-05

  1                      A bill to be entitled

  2         An act relating to title insurance; amending s.

  3         624.608, F.S.; redefining the term "title

  4         insurance" to include insurance for personal

  5         property; amending s. 627.7711, F.S.;

  6         redefining the term "related title services" to

  7         include services relating to transactions in

  8         personal property; providing an effective date.

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10  Be It Enacted by the Legislature of the State of Florida:

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12         Section 1.  Section 624.608, Florida Statutes, is

13  amended to read:

14         624.608  "Title insurance" defined.--"Title insurance"

15  is insurance of owners of real or personal property or others

16  having an interest in real or personal property or contractual

17  interest derived therefrom, or liens or encumbrances on real

18  or personal property, against loss by encumbrance, or

19  defective titles, or invalidity, or adverse claim to title.

20         Section 2.  Paragraph (a) of subsection (1) of section

21  627.7711, Florida Statutes, is amended to read:

22         627.7711  Definitions.--As used in this part, the term:

23         (1)(a)  "Related title services" means services

24  performed by a title insurer or title insurance agent or

25  agency, in the agent's or agency's capacity as such,

26  including, but not limited to, preparing or obtaining a title

27  search, examining title, preparing documents necessary to

28  close the transaction, conducting the closing, or handling the

29  disbursing of funds related to the closing in a real property

30  or personal property estate closing transaction in which a

31  title insurance commitment or policy is to be issued. The

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    Florida Senate - 2005                                   SB 638
    5-442-05




 1  premium, together with the charge for related title services,

 2  constitutes the regular title insurance premium.

 3         Section 3.  This act shall take effect upon becoming a

 4  law.

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 7                          SENATE SUMMARY

 8    Redefines the terms "title insurance" and "related title
      services" in the insurance code to include insurance of
 9    interests in personal property and services performed in
      connection with such insurance.
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CODING: Words stricken are deletions; words underlined are additions.