Florida Senate - 2017 SENATOR AMENDMENT
Bill No. CS/HB 359, 1st Eng.
Ì476744AÎ476744
LEGISLATIVE ACTION
Senate . House
.
.
.
Floor: 1/AE/2R . Floor: C
05/04/2017 10:04 PM . 05/05/2017 08:15 PM
—————————————————————————————————————————————————————————————————
—————————————————————————————————————————————————————————————————
Senator Brandes moved the following:
1 Senate Amendment (with title amendment)
2
3 Delete everything after the enacting clause
4 and insert:
5 Section 1. Subsection (2) of section 177.041, Florida
6 Statutes, is amended to read:
7 177.041 Boundary survey and title certification required.
8 Every plat or replat of a subdivision submitted to the approving
9 agency of the local governing body must be accompanied by:
10 (2) A title opinion of an attorney at law licensed in
11 Florida or a property information report certification by an
12 abstractor or a title company showing that record title to the
13 land as described and shown on the plat is in the name of the
14 person, persons, corporation, or entity executing the
15 dedication. The title opinion or property information report
16 must certification shall also show all mortgages not satisfied
17 or released of record nor otherwise terminated by law.
18 Section 2. Subsection (16) of section 177.091, Florida
19 Statutes, is amended to read:
20 177.091 Plats made for recording.—Every plat of a
21 subdivision offered for recording shall conform to the
22 following:
23 (16) Location and width of proposed easements and existing
24 easements identified in the title opinion or property
25 information report certification required by s. 177.041(2) must
26 shall be shown on the plat or in the notes or legend, and their
27 intended use shall be clearly stated. Where easements are not
28 coincident with property lines, they must be labeled with
29 bearings and distances and tied to the principal lot, tract, or
30 right-of-way.
31 Section 3. Paragraph (a) of subsection (5) of section
32 197.502, Florida Statutes, is amended to read:
33 197.502 Application for obtaining tax deed by holder of tax
34 sale certificate; fees.—
35 (5)(a) The tax collector may contract with a title company
36 or an abstract company to provide the minimum information
37 required in subsection (4), consistent with rules adopted by the
38 department. If additional information is required, the tax
39 collector must make a written request to the title or abstract
40 company stating the additional requirements. The tax collector
41 may select any title or abstract company, regardless of its
42 location, as long as the fee is reasonable, the minimum
43 information is submitted, and the title or abstract company is
44 authorized to do business in this state. The tax collector may
45 advertise and accept bids for the title or abstract company if
46 he or she considers it appropriate to do so.
47 1. The property information ownership and encumbrance
48 report must include the letterhead of the person, firm, or
49 company that makes the search, and the signature of the
50 individual who makes the search or of an officer of the firm.
51 The tax collector is not liable for payment to the firm unless
52 these requirements are met. The report may be submitted to the
53 tax collector in an electronic format.
54 2. The tax collector may not accept or pay for any title
55 search or abstract if financial responsibility is not assumed
56 for the search. However, reasonable restrictions as to the
57 liability or responsibility of the title or abstract company are
58 acceptable. Notwithstanding s. 627.7843(3), the tax collector
59 may contract for higher maximum liability limits.
60 3. In order to establish uniform prices for property
61 information ownership and encumbrance reports within the county,
62 the tax collector must ensure that the contract for property
63 information ownership and encumbrance reports include all
64 requests for title searches or abstracts for a given period of
65 time.
66 Section 4. Paragraph (b) of subsection (6) of section
67 215.555, Florida Statutes, is amended to read:
68 215.555 Florida Hurricane Catastrophe Fund.—
69 (6) REVENUE BONDS.—
70 (b) Emergency assessments.—
71 1. If the board determines that the amount of revenue
72 produced under subsection (5) is insufficient to fund the
73 obligations, costs, and expenses of the fund and the
74 corporation, including repayment of revenue bonds and that
75 portion of the debt service coverage not met by reimbursement
76 premiums, the board shall direct the Office of Insurance
77 Regulation to levy, by order, an emergency assessment on direct
78 premiums for all property and casualty lines of business in this
79 state, including property and casualty business of surplus lines
80 insurers regulated under part VIII of chapter 626, but not
81 including any workers’ compensation premiums or medical
82 malpractice premiums. As used in this subsection, the term
83 “property and casualty business” includes all lines of business
84 identified on Form 2, Exhibit of Premiums and Losses, in the
85 annual statement required of authorized insurers by s. 624.424
86 and any rule adopted under this section, except for those lines
87 identified as accident and health insurance and except for
88 policies written under the National Flood Insurance Program. The
89 assessment shall be specified as a percentage of direct written
90 premium and is subject to annual adjustments by the board in
91 order to meet debt obligations. The same percentage applies to
92 all policies in lines of business subject to the assessment
93 issued or renewed during the 12-month period beginning on the
94 effective date of the assessment.
95 2. A premium is not subject to an annual assessment under
96 this paragraph in excess of 6 percent of premium with respect to
97 obligations arising out of losses attributable to any one
98 contract year, and a premium is not subject to an aggregate
99 annual assessment under this paragraph in excess of 10 percent
100 of premium. An annual assessment under this paragraph continues
101 as long as the revenue bonds issued with respect to which the
102 assessment was imposed are outstanding, including any bonds the
103 proceeds of which were used to refund the revenue bonds, unless
104 adequate provision has been made for the payment of the bonds
105 under the documents authorizing issuance of the bonds.
106 3. Emergency assessments shall be collected from
107 policyholders. Emergency assessments shall be remitted by
108 insurers as a percentage of direct written premium for the
109 preceding calendar quarter as specified in the order from the
110 Office of Insurance Regulation. The office shall verify the
111 accurate and timely collection and remittance of emergency
112 assessments and shall report the information to the board in a
113 form and at a time specified by the board. Each insurer
114 collecting assessments shall provide the information with
115 respect to premiums and collections as may be required by the
116 office to enable the office to monitor and verify compliance
117 with this paragraph.
118 4. With respect to assessments of surplus lines premiums,
119 each surplus lines agent shall collect the assessment at the
120 same time as the agent collects the surplus lines tax required
121 by s. 626.932, and the surplus lines agent shall remit the
122 assessment to the Florida Surplus Lines Service Office created
123 by s. 626.921 at the same time as the agent remits the surplus
124 lines tax to the Florida Surplus Lines Service Office. The
125 emergency assessment on each insured procuring coverage and
126 filing under s. 626.938 shall be remitted by the insured to the
127 Florida Surplus Lines Service Office at the time the insured
128 pays the surplus lines tax to the Florida Surplus Lines Service
129 Office. The Florida Surplus Lines Service Office shall remit the
130 collected assessments to the fund or corporation as provided in
131 the order levied by the Office of Insurance Regulation. The
132 Florida Surplus Lines Service Office shall verify the proper
133 application of such emergency assessments and shall assist the
134 board in ensuring the accurate and timely collection and
135 remittance of assessments as required by the board. The Florida
136 Surplus Lines Service Office shall annually calculate the
137 aggregate written premium on property and casualty business,
138 other than workers’ compensation and medical malpractice,
139 procured through surplus lines agents and insureds procuring
140 coverage and filing under s. 626.938 and shall report the
141 information to the board in a form and at a time specified by
142 the board.
143 5. Any assessment authority not used for a particular
144 contract year may be used for a subsequent contract year. If,
145 for a subsequent contract year, the board determines that the
146 amount of revenue produced under subsection (5) is insufficient
147 to fund the obligations, costs, and expenses of the fund and the
148 corporation, including repayment of revenue bonds and that
149 portion of the debt service coverage not met by reimbursement
150 premiums, the board shall direct the Office of Insurance
151 Regulation to levy an emergency assessment up to an amount not
152 exceeding the amount of unused assessment authority from a
153 previous contract year or years, plus an additional 4 percent
154 provided that the assessments in the aggregate do not exceed the
155 limits specified in subparagraph 2.
156 6. The assessments otherwise payable to the corporation
157 under this paragraph shall be paid to the fund unless the Office
158 of Insurance Regulation and the Florida Surplus Lines Service
159 Office received a notice from the corporation and the fund,
160 which shall be conclusive and upon which they may rely without
161 further inquiry, that the corporation has issued bonds and the
162 fund has no agreements in effect with local governments under
163 paragraph (c). On or after the date of the notice and until the
164 date the corporation has no bonds outstanding, the fund shall
165 have no right, title, or interest in or to the assessments,
166 except as provided in the fund’s agreement with the corporation.
167 7. Emergency assessments are not premium and are not
168 subject to the premium tax, to the surplus lines tax, to any
169 fees, or to any commissions. An insurer is liable for all
170 assessments that it collects and must treat the failure of an
171 insured to pay an assessment as a failure to pay the premium. An
172 insurer is not liable for uncollectible assessments.
173 8. If an insurer is required to return an unearned premium,
174 it shall also return any collected assessment attributable to
175 the unearned premium. A credit adjustment to the collected
176 assessment may be made by the insurer with regard to future
177 remittances that are payable to the fund or corporation, but the
178 insurer is not entitled to a refund.
179 9. If a surplus lines insured or an insured who has
180 procured coverage and filed under s. 626.938 is entitled to the
181 return of an unearned premium, the Florida Surplus Lines Service
182 Office shall provide a credit or refund to the agent or such
183 insured for the collected assessment attributable to the
184 unearned premium before remitting the emergency assessment
185 collected to the fund or corporation.
186 10. The exemption of medical malpractice insurance premiums
187 from emergency assessments under this paragraph is repealed May
188 31, 2019, and medical malpractice insurance premiums shall be
189 subject to emergency assessments attributable to loss events
190 occurring in the contract years commencing on June 1, 2019.
191 Section 5. Subsection (1) of section 624.407, Florida
192 Statutes, is amended to read:
193 624.407 Surplus required; new insurers.—
194 (1) To receive authority to transact any one kind or
195 combinations of kinds of insurance, as defined in part V of this
196 chapter, an insurer applying for its original certificate of
197 authority in this state shall possess surplus as to
198 policyholders at least the greater of:
199 (a) For a property and casualty insurer, $5 million, or
200 $2.5 million for any other insurer;
201 (b) For life insurers, 4 percent of the insurer’s total
202 liabilities;
203 (c) For life and health insurers, 4 percent of the
204 insurer’s total liabilities, plus 6 percent of the insurer’s
205 liabilities relative to health insurance;
206 (d) For all insurers other than life insurers and life and
207 health insurers, 10 percent of the insurer’s total liabilities;
208 (e) Notwithstanding paragraph (a) or paragraph (d), for a
209 domestic insurer that transacts residential property insurance
210 and is:
211 1. Not a wholly owned subsidiary of an insurer domiciled in
212 any other state, $15 million.
213 2. A wholly owned subsidiary of an insurer domiciled in any
214 other state, $50 million; or
215 (f) Notwithstanding paragraphs (a), (d), and (e), for a
216 domestic insurer that only transacts limited sinkhole coverage
217 insurance for personal lines residential property pursuant to s.
218 627.7151, $7.5 million; or
219 (g) Notwithstanding paragraphs (a), (d), and (e), for an
220 insurer that only transacts residential property insurance in
221 the form of renter’s insurance, tenant’s coverage, cooperative
222 unit owner insurance, or any combination thereof, $10 million.
223 Section 6. Subsection (1) of section 624.408, Florida
224 Statutes, is amended to read:
225 624.408 Surplus required; current insurers.—
226 (1) To maintain a certificate of authority to transact any
227 one kind or combinations of kinds of insurance, as defined in
228 part V of this chapter, an insurer in this state must at all
229 times maintain surplus as to policyholders at least the greater
230 of:
231 (a) Except as provided in paragraphs (e), (f), and (g),
232 $1.5 million.
233 (b) For life insurers, 4 percent of the insurer’s total
234 liabilities.
235 (c) For life and health insurers, 4 percent of the
236 insurer’s total liabilities plus 6 percent of the insurer’s
237 liabilities relative to health insurance.
238 (d) For all insurers other than mortgage guaranty insurers,
239 life insurers, and life and health insurers, 10 percent of the
240 insurer’s total liabilities.
241 (e) For property and casualty insurers, $4 million, except
242 for property and casualty insurers authorized to underwrite any
243 line of residential property insurance.
244 (f) For residential property insurers not holding a
245 certificate of authority before July 1, 2011, $15 million.
246 (g) For residential property insurers holding a certificate
247 of authority before July 1, 2011, and until June 30, 2016, $5
248 million; on or after July 1, 2016, and until June 30, 2021, $10
249 million; on or after July 1, 2021, $15 million.
250 (h) Notwithstanding paragraphs (e), (f), and (g), for a
251 domestic insurer that only transacts limited sinkhole coverage
252 insurance for personal lines residential property pursuant to s.
253 627.7151, $7.5 million.
254 (i) Notwithstanding paragraphs (a), (d), and (e), for an
255 insurer that only transacts residential property insurance in
256 the form of renter’s insurance, tenant’s coverage, cooperative
257 unit owner insurance, or any combination thereof, $10 million.
258
259 The office may reduce the surplus requirement in paragraphs (f)
260 and (g) if the insurer is not writing new business, has premiums
261 in force of less than $1 million per year in residential
262 property insurance, or is a mutual insurance company.
263 Section 7. Paragraph (c) of subsection (8) of section
264 624.424, Florida Statutes, is amended to read:
265 624.424 Annual statement and other information.—
266 (8)
267 (c) The board of directors of an insurer shall hire the
268 certified public accountant that prepares the audit required by
269 this subsection and the board shall establish an audit committee
270 of three or more directors of the insurer or an affiliated
271 company. The audit committee shall be responsible for discussing
272 audit findings and interacting with the certified public
273 accountant with regard to her or his findings. The audit
274 committee shall be comprised solely of members who are free from
275 any relationship that, in the opinion of its board of directors,
276 would interfere with the exercise of independent judgment as a
277 committee member. The audit committee shall report to the board
278 any findings of adverse financial conditions or significant
279 deficiencies in internal controls that have been noted by the
280 accountant. The insurer may request the office to waive this
281 requirement of the audit committee membership based upon unusual
282 hardship to the insurer.
283 Section 8. Subsection (15) of section 625.012, Florida
284 Statutes, is amended to read:
285 625.012 “Assets” defined.—In any determination of the
286 financial condition of an insurer, there shall be allowed as
287 “assets” only such assets as are owned by the insurer and which
288 consist of:
289 (15)(a) Assessments levied pursuant to s. 631.57(3)(a) and
290 (e) or s. 631.914 which that are paid before policy surcharges
291 are collected and result in a receivable for policy surcharges
292 to be collected in the future. This amount, to the extent it is
293 likely that it will be realized, meets the definition of an
294 admissible asset as specified in the National Association of
295 Insurance Commissioners’ Statement of Statutory Accounting
296 Principles No. 4. The asset shall be established and recorded
297 separately from the liability regardless of whether it is based
298 on a retrospective or prospective premium-based assessment. If
299 an insurer is unable to fully recoup the amount of the
300 assessment because of a reduction in writings or withdrawal from
301 the market, the amount recorded as an asset shall be reduced to
302 the amount reasonably expected to be recouped.
303 (b) Assessments levied as monthly installments pursuant to
304 s. 631.57(3)(e)3. or s. 631.914 which that are paid after policy
305 surcharges are collected so that the recognition of assets is
306 based on actual premium written offset by the obligation to the
307 Florida Insurance Guaranty Association or the Florida Workers’
308 Compensation Insurance Guaranty Association, Incorporated.
309 Section 9. Paragraph (e) of subsection (7) of section
310 627.062, Florida Statutes, is amended to read:
311 627.062 Rate standards.—
312 (7) The provisions of this subsection apply only to rates
313 for medical malpractice insurance and control to the extent of
314 any conflict with other provisions of this section.
315 (e) For medical malpractice rates subject to paragraph
316 (2)(a), the medical malpractice insurer shall make an annual
317 base a rate filing in accordance with s. 627.0645 under this
318 section, sworn to by at least two executive officers of the
319 insurer, at least once each calendar year.
320 Section 10. Subsection (1) of section 627.0645, Florida
321 Statutes, is amended to read:
322 627.0645 Annual filings.—
323 (1) Each rating organization filing rates for, and each
324 insurer writing, any line of property or casualty insurance to
325 which this part applies, except:
326 (a) Workers’ compensation and employer’s liability
327 insurance;
328 (b) Insurance as defined in ss. 624.604 and 624.605,
329 limited to coverage of commercial risks other than commercial
330 residential multiperil and medical malpractice insurance that is
331 subject to s. 627.062(2)(a) and (f); or
332 (c) Travel insurance, if issued as a master group policy
333 with a situs in another state where each certificateholder pays
334 less than $30 in premium for each covered trip and where the
335 insurer has written less than $1 million in annual written
336 premiums in the travel insurance product in this state during
337 the most recent calendar year,
338
339 shall make an annual base rate filing for each such line with
340 the office no later than 12 months after its previous base rate
341 filing, demonstrating that its rates are not inadequate.
342 Section 11. Section 627.4035, Florida Statutes, is amended
343 to read:
344 627.4035 Cash Payment of premiums; claims.—
345 (1)(a) The premiums for insurance contracts issued in this
346 state or covering risk located in this state must shall be paid
347 in cash consisting of coins, currency, checks, electronic
348 checks, drafts, or money orders or by using a debit card, credit
349 card, automatic electronic funds transfer, or payroll deduction
350 plan. By July 1, 2007, Insurers issuing personal lines
351 residential and commercial property policies shall provide a
352 premium payment plan option to their policyholders which allows
353 for a minimum of quarterly and semiannual payment of premiums.
354 Insurers may, but are not required to, offer monthly payment
355 plans. Insurers issuing such policies must submit their premium
356 payment plan option to the office for approval before use.
357 (b) If, due to insufficient funds, a payment of premium
358 under this subsection by debit card, credit card, electronic
359 funds transfer, or electronic check is returned, is declined, or
360 cannot be processed, the insurer may impose an insufficient
361 funds fee of up to $15 per occurrence pursuant to the policy
362 terms. However, the insurer may not charge the policyholder an
363 insufficient funds fee if the failure in payment resulted from
364 fraud or misuse on the policyholder’s account from which the
365 payment was made and such fraud or misuse was not attributed to
366 the policyholder.
367 (2) Subsection (1) is not applicable to:
368 (a) Reinsurance agreements;
369 (b) Pension plans;
370 (c) Premium loans, whether or not subject to an automatic
371 provision;
372 (d) Dividends, whether to purchase additional paid-up
373 insurance or to shorten the dividend payment period;
374 (e) Salary deduction plans;
375 (f) Preauthorized check plans;
376 (g) Waivers of premiums on disability;
377 (h) Nonforfeiture provisions affording benefits under
378 supplementary contracts; or
379 (i) Such other methods of paying for life insurance as may
380 be permitted by the commission pursuant to rule or regulation.
381 (3) All payments of claims made in this state under any
382 contract of insurance shall be paid:
383 (a) In cash consisting of coins, currency, checks, drafts,
384 or money orders and, if by check or draft, shall be in such form
385 as will comply with the standards for cash items adopted by the
386 Federal Reserve System to facilitate the sorting, routing, and
387 mechanized processing of such items; or
388 (b) If authorized in writing by the recipient or the
389 recipient’s representative, by debit card or any other form of
390 electronic transfer. Any fees or costs to be charged against the
391 recipient must be disclosed in writing to the recipient or the
392 recipient’s representative at the time of written authorization.
393 However, the written authorization requirement may be waived by
394 the recipient or the recipient’s representative if the insurer
395 verifies the identity of the insured or the insured’s recipient
396 and does not charge a fee for the transaction. If the funds are
397 misdirected, the insurer remains liable for the payment of the
398 claim.
399 Section 12. Subsection (5) is added to section 627.421,
400 Florida Statutes, to read:
401 627.421 Delivery of policy.—
402 (5) An electronically delivered document satisfies any
403 font, size, color, spacing, or other formatting requirement for
404 printed documents if the format in the electronically delivered
405 document has reasonably similar proportions or emphasis of the
406 characters relative to the rest of the electronic document or is
407 otherwise displayed in a reasonably conspicuous manner.
408 Section 13. Subsection (9) of section 627.7295, Florida
409 Statutes, is amended to read:
410 627.7295 Motor vehicle insurance contracts.—
411 (9)(a) In addition to the methods provided in s.
412 627.4035(1), premium for motor vehicle insurance contracts
413 issued in this state or covering risk located in this state may
414 be paid in cash in the form of a draft or drafts.
415 (b) If, due to insufficient funds, payment of premium under
416 this subsection by debit card, credit card, electronic funds
417 transfer, or electronic check is returned, is declined, or
418 cannot be processed, the insurer may impose an insufficient
419 funds fee of up to $15 per occurrence pursuant to the policy
420 terms.
421 Section 14. Section 627.7843, Florida Statutes, is amended
422 to read:
423 627.7843 Property information reports Ownership and
424 encumbrance reports.—
425 (1) As used in this section, the term “property information
426 report” means any report that contains the limitations of this
427 section and discloses documents or information appearing in the
428 Official Records as described in s. 28.222, in the records of a
429 county tax collector pertaining to ad valorem real property
430 taxes and special assessments imposed by a governmental
431 authority against real property, in the Secretary of State
432 filing office, or in another governmental filing office
433 pertaining to real or personal property. A property information
434 report may be issued by any person, including a Florida-licensed
435 title insurer, title agent, or title agency “ownership and
436 encumbrance report” means a report that discloses certain
437 defined documents imparting constructive notice and appearing in
438 the official records relating to specified real property.
439 (2) A property information An ownership and encumbrance
440 report may not directly or indirectly set forth or imply any
441 opinion, warranty, guarantee, insurance, or other similar
442 assurance and does not constitute title insurance as defined in
443 s. 624.608 as to the status of title to real property.
444 (3) The contractual liability of the issuer of a property
445 information report is limited to the person or persons expressly
446 identified by name in the property information report as the
447 recipient or recipients of the property information report and
448 may not exceed the amount paid for the property information
449 report. Only contractual remedies are available for an error or
450 omission that arises from a property information report. A
451 property information report must contain the following language:
452
453 “This report is not title insurance. Pursuant to s. 627.7843,
454 Florida Statutes, the maximum liability of the issuer of this
455 property information report for errors or omissions in this
456 property information report is limited to the amount paid for
457 this property information report, and is further limited to the
458 person(s) expressly identified by name in the property
459 information report as the recipient(s) of the property
460 information report.” Any ownership and encumbrance report or
461 similar report that is relied on or intended to be relied on by
462 a consumer must be on forms approved by the office, and must
463 provide for a maximum liability for incorrect information of not
464 more than $1,000.
465 (4) This section is not applicable to an opinion of title
466 issued by an attorney.
467 Section 15. This act shall take effect upon becoming a law.
468
469 ================= T I T L E A M E N D M E N T ================
470 And the title is amended as follows:
471 Delete everything before the enacting clause
472 and insert:
473 A bill to be entitled
474 An act relating to the regulation of insurance
475 companies; amending s. 177.041, F.S.; providing that a
476 specified property information report, rather than a
477 specified certification by an abstractor or a title
478 company, may be submitted as part of certain
479 information required in relation to the plat or replat
480 of a subdivision; amending ss. 177.091 and 197.502,
481 F.S.; conforming provisions to changes made by the
482 act; amending s. 215.555, F.S.; deleting a future
483 repeal of an exemption of medical malpractice
484 insurance premiums from certain emergency assessments
485 by the State Board of Administration relating to the
486 Florida Hurricane Catastrophe Fund; amending ss.
487 624.407 and 624.408, F.S.; specifying the minimum
488 surplus as to policyholders for insurers that only
489 transact in specified forms of residential property
490 insurance; amending s. 624.424, F.S.; revising a
491 requirement for audit committees established by the
492 boards of directors of insurers, relating to
493 relationships that would interfere with the exercise
494 of independent judgment of committee members; amending
495 s. 625.012, F.S.; revising the allowable assets of
496 insurers relating to specified levied assessments;
497 amending s. 627.062, F.S.; revising requirements for
498 certain rate filings by medical malpractice insurers;
499 amending s. 627.0645, F.S.; adding certain medical
500 malpractice insurance to casualty insurance excluded
501 from an annual base rate filing requirement for rating
502 organizations; amending s. 627.4035, F.S.; revising
503 the methods of paying premiums for insurance
504 contracts; authorizing an insurer to impose a
505 specified insufficient funds fee if certain premium
506 payment methods are returned, are declined, or cannot
507 be processed; providing an exception; amending s.
508 627.421, F.S.; providing that an electronically
509 delivered document in an insurance policy meets
510 formatting requirements for printed documents under
511 certain conditions; amending s. 627.7295, F.S.;
512 conforming provisions to changes made by the act;
513 amending s. 627.7843, F.S.; replacing provisions
514 relating to ownership and encumbrance reports with
515 provisions relating to property information reports;
516 defining the term “property information report”;
517 prohibiting property information reports from setting
518 forth or implying certain assurances; providing
519 construction; specifying a limitation on the
520 contractual liability of issuers of property
521 information reports; requiring a specified disclosure
522 in property information reports; providing
523 applicability; providing an effective date.