| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 86R12635 JES-D | |
| 2 | 2 | By: Taylor S.B. No. 1437 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to requiring information regarding easements to be | |
| 8 | 8 | included in a commitment for title insurance. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 2703.101, Insurance Code, is amended by | |
| 11 | 11 | adding Subsection (h) to read as follows: | |
| 12 | 12 | (h) The commissioner shall by rule adopt language for a | |
| 13 | 13 | disclosure regarding the nature and use of easements near | |
| 14 | 14 | residential real property and require the disclosure to be included | |
| 15 | 15 | in a title commitment for residential real property. The | |
| 16 | 16 | disclosure must inform a person who purchases a title commitment | |
| 17 | 17 | that, if the property is subject to or in an area near an easement: | |
| 18 | 18 | (1) the nature and use of the easement may be subject | |
| 19 | 19 | to change; and | |
| 20 | 20 | (2) the owner of the easement may not be required to | |
| 21 | 21 | notify nearby property owners about a change in the nature or use of | |
| 22 | 22 | the easement. | |
| 23 | 23 | SECTION 2. Not later than January 1, 2020, the commissioner | |
| 24 | 24 | of insurance shall adopt rules under Section 2703.101(h), Insurance | |
| 25 | 25 | Code, as added by this Act. | |
| 26 | 26 | SECTION 3. This Act takes effect September 1, 2019. |