By: Sanford (Senate Sponsor - Paxton) H.B. No. 4153
(In the Senate - Received from the House May 10, 2021;
May 12, 2021, read first time and referred to Committee on Business &
Commerce; May 20, 2021, reported favorably by the following vote:
Yeas 8, Nays 0, one present not voting; May 20, 2021, sent to
printer.)
Click here to see the committee vote
A BILL TO BE ENTITLED
AN ACT
relating to the filing of an annual audit report by a title
insurance company, title insurance agent, or direct operation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2651.151(b), Insurance Code, is amended
to read as follows:
(b) Not later than the 90th day after the date of the end of
the agent's or direct operation's fiscal year, the agent or direct
operation shall file with [send by certified mail, postage prepaid,
to] the department one copy of the audit report with a transmittal
letter. The agent shall also send a copy of the audit report and
transmittal letter to each title insurance company that the agent
represents.
SECTION 2. Section 2651.152(b), Insurance Code, is amended
to read as follows:
(b) Not later than the 90th day after the date of the end of
the title insurance company's fiscal year, the company shall file
with [send by certified mail, postage prepaid, to] the department
one copy of the audit report.
SECTION 3. This Act takes effect September 1, 2021.
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