Florida Senate - 2012                        COMMITTEE AMENDMENT
       Bill No. CS for CS for SB 1404
       
       
       
       
       
       
                                Barcode 685126                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                 Comm: UNFAV           .                                
                  03/02/2012           .                                
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       The Committee on Budget (Bennett) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 112 and 113
    4  insert:
    5         Section 6. Section 627.7844, Florida Statutes, is created
    6  to read:
    7         627.7844 Supplemental coverage.—
    8         (1) If the current owner of real property borrows money
    9  secured by an interest in such property and a loan title
   10  insurance policy is issued at original title insurance rates
   11  pursuant to s.627.782, less any agreed rebates in connection
   12  therewith, the title agency, title insurer, or attorney-agent
   13  providing the loan title insurance policy must offer a
   14  supplemental owner’s title insurance policy to the property
   15  owner in the amount of the loan title insurance policy, or such
   16  greater amount as requested by the property owner.
   17         (2) If a complete loss of title occurs, the owner of the
   18  real property shall be reimbursed for the full policy limits of
   19  the most recent owner’s policy based on the full market value of
   20  the property at the time of issuance, plus any additional
   21  supplemental policy limits issued thereafter. Policy limits
   22  shall be paid in accordance with the terms of each policy.
   23         (3) This section applies to all title insurance policies
   24  issued on or after July 1, 2012.
   25  
   26  ================= T I T L E  A M E N D M E N T ================
   27         And the title is amended as follows:
   28         Delete line 23
   29  and insert:
   30         to adopt rules; creating s. 627.7844, F.S.; requiring
   31         the owner of real property to be offered supplemental
   32         owner’s title insurance under certain circumstances;
   33         specifying the amount of reimbursement if a complete
   34         loss occurs; providing applicability; providing an
   35         effective date.