| 1 | A bill to be entitled |
| 2 | An act relating to title insurance; amending ss. 624.608 |
| 3 | and 627.7711, F.S.; revising certain definitions relating |
| 4 | to title insurance to include personal property; providing |
| 5 | an effective date. |
| 6 |
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| 7 | Be It Enacted by the Legislature of the State of Florida: |
| 8 |
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| 9 | Section 1. Section 624.608, Florida Statutes, is amended |
| 10 | to read: |
| 11 | 624.608 "Title insurance" defined.--"Title insurance" is |
| 12 | insurance of owners of real or personal property or others |
| 13 | having an interest in real or personal property or contractual |
| 14 | interest derived therefrom, or liens or encumbrances on real or |
| 15 | personal property, against loss by encumbrance, or defective |
| 16 | titles, or invalidity, or adverse claim to title. |
| 17 | Section 2. Paragraph (a) of subsection (1) of section |
| 18 | 627.7711, Florida Statutes, is amended to read: |
| 19 | 627.7711 Definitions.--As used in this part, the term: |
| 20 | (1)(a) "Related title services" means services performed |
| 21 | by a title insurer or title insurance agent or agency, in the |
| 22 | agent's or agency's capacity as such, including, but not limited |
| 23 | to, preparing or obtaining a title search, examining title, |
| 24 | preparing documents necessary to close the transaction, |
| 25 | conducting the closing, or handling the disbursing of funds |
| 26 | related to the closing in a real or personal property estate |
| 27 | closing transaction in which a title insurance commitment or |
| 28 | policy is to be issued. The premium, together with the charge |
| 29 | for related title services, constitutes the regular title |
| 30 | insurance premium. |
| 31 | Section 3. This act shall take effect July 1, 2005. |