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|---|---|---|---|
| 1 | 1 | By: Dean H.B. No. 5173 | |
| 2 | 2 | ||
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | ||
| 6 | 6 | A BILL TO BE ENTITLED | |
| 7 | 7 | AN ACT | |
| 8 | 8 | relating to annual statistical reports for and the adoption of | |
| 9 | 9 | title insurance premium rates. | |
| 10 | 10 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 11 | 11 | SECTION 1. Section 2703.153, Insurance Code, is amended by | |
| 12 | 12 | adding Subsections (a-1) and (c-1) to read as follows: | |
| 13 | 13 | (a-1) Not later than May 15th of each year, the department | |
| 14 | 14 | shall issue a call to each title agent and not later than July 16th | |
| 15 | 15 | to each title company engaged in the business of title insurance for | |
| 16 | 16 | the statistical report data required under Subsection (a). | |
| 17 | 17 | (c-1) Not later than September 1 of each year, the | |
| 18 | 18 | department shall publish on the department's Internet website a | |
| 19 | 19 | compilation report summarizing the statistical reports submitted | |
| 20 | 20 | under Subsection (a). | |
| 21 | 21 | SECTION 2. Any rate ordered or adopted under this Title that | |
| 22 | 22 | is not in effect before June 2, 2025, shall not become effective. | |
| 23 | 23 | Any new rate ordered by the department under this Title shall comply | |
| 24 | 24 | with the changes in law made by this Act. | |
| 25 | 25 | SECTION 3. This Act takes effect immediately if it receives | |
| 26 | 26 | a vote of two-thirds of all the members elected in each house, as | |
| 27 | 27 | provided by Section 39, Article III, Texas Constitution. If this | |
| 28 | 28 | Act does not receive the vote necessary for immediate effect, this | |
| 29 | 29 | Act take effect September 1, 2025 |