81R1652 PMO-D
By: Orr H.B. No. 352
A BILL TO BE ENTITLED
AN ACT
relating to coverage of mineral interests in title insurance
policies, commitments, binders, and endorsements.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter A, Chapter 2551, Insurance Code, is
amended by adding Section 2551.004 to read as follows:
Sec. 2551.004. MINERAL INTERESTS. The commissioner shall
adopt and enforce rules that prohibit the exception or exclusion of
mineral interests from coverage under a title insurance policy,
commitment, binder, or endorsement. This prohibition also applies
to a renewal and extension of a commitment or binder.
SECTION 2. Section 2551.004, Insurance Code, as added by
this Act, applies only to a title insurance policy, commitment,
binder, or endorsement delivered, issued for delivery, or renewed
on or after January 1, 2010. A policy, commitment, binder, or
endorsement delivered, issued for delivery, or renewed before
January 1, 2010, is governed by the law as it existed immediately
before the effective date of this Act, and that law is continued in
effect for that purpose.
SECTION 3. This Act takes effect September 1, 2009.