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A bill to be entitled

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An act relating to personal property title insurance;

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amending s. 624.608, F.S.; redefining the term "title

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insurance" to include personal property; defining the term

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"personal property title insurance"; amending s. 627.7711,

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F.S.; modifying the definition of "primary title services"

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to mean those services based upon an evaluation of a

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reasonable title search or a search of the records of an

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appropriate database; providing an effective date.

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

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     Section 1.  Section 624.608, Florida Statutes, is amended to

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read:

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     624.608  "Title insurance" defined.--"Title insurance" is:

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     (1) Insurance of owners of real or personal property or

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others having an interest in real or personal property or

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contractual interest derived therefrom, or liens or encumbrances

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on real or personal property, against loss or damage by lien or

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encumbrance, rights or defective titles, or invalidity, or

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adverse claim to title.; or

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     (2) "Personal property title insurance" means coverage that

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insures:

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     (a) Whether affirming or negating, one or more of the

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elements of attachment, perfection, or priority of a security

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interest in personal property or fixtures;

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     (b) The results, as to correctness, completeness, or other

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criteria, of a search of:

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     1. The filing office of the financing statement record of a

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debtor; or

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     2. Any other database, whether publicly or privately

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maintained, such as court dockets, tax records, motor vehicle

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department records, or the records of the Federal Aviation

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Administration as to aircraft, the United States Coast Guard as

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to vessels, or the United States Department of Transportation;

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     (c) The status of ownership of, rights in, powers to,

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transfer rights in, or title with respect to personal property or

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fixtures;

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     (d) The effectiveness of the filing of a financing

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statement with a filing office, or any other record with any

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publicly maintained database or registry;

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     (e) The lien status of personal property or fixtures, or

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compliance with the Uniform Commercial Code of another state, the

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Uniform Commercial Code of this state, international conventions

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such as the United Nations Commission on International Trade Law

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(UNCITRAL), or similar laws or regulations; or

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     (f) Any of the matters covered by this subsection with

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respect to the laws of any other domestic or foreign

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jurisdiction. Insurance of owners and secured parties of the

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existence, attachment, perfection, and priority of security

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interests in personal property under the Uniform Commercial Code.

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     Section 2.  Paragraph (b) of subsection (1) of section

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627.7711, Florida Statutes, is amended to read:

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

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     (1)

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     (b)  "Primary title services" means determining insurability

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in accordance with sound underwriting practices based upon

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evaluation of a reasonable title search or a search of the

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records of an appropriate database a Uniform Commercial Code

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filing office and such other information as may be necessary,

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determination and clearance of underwriting objections and

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requirements to eliminate risk, preparation and issuance of a

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title insurance commitment setting forth the requirements to

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insure, and preparation and issuance of the policy. Such services

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do not include closing services or title searches, for which a

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separate charge or separate charges may be made.

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     Section 3.  This act shall take effect July 1, 2008.