STATE OF NEW YORK ________________________________________________________________________
2019-2020 Regular Sessions
November 13, 2019 ___________
Introduced by Sen. HOYLMAN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules
AN ACT in relation to establishing a temporary task force to examine and make recommendations upon the establishment of a public title insur- ance carrier; and to provide for the repeal of such provisions upon the expiration thereof
The People of the State of New York, represented in Senate and Assem- bly, do enact as follows:
1 Section 1. There is hereby established, within the department of 2 financial services, a temporary task force to examine and make recommen- 3 dations upon the establishment of a public title insurance carrier ("the 4 task force"). The task force shall consist of nine members who shall be 5 appointed as follows: 6 a. the superintendent of the department of financial services or his 7 or her designee; 8 b. four members to be appointed by the governor; 9 c. two members to be appointed by the temporary president of the 10 senate; and 11 d. two members to be appointed by the speaker of the assembly. 12 § 2. No member of the task force shall be a current or former employee 13 of the title insurance industry. 14 § 3. Task force members shall receive no compensation for their 15 services but shall be reimbursed for actual and necessary expenses 16 incurred in the performance of their duties. 17 § 4. The chairperson of the task force shall be the superintendent of 18 the department of financial services or his or her designee. The task 19 force shall meet at the call of the chairperson. 20 § 5. Any vacancies on the task force shall be filled in the manner 21 provided for in the initial appointment. 22 § 6. The task force shall be authorized to hold public hearings and 23 meetings to enable it to accomplish its duties.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets  is old law to be omitted. LBD13832-02-9
S. 6850 2
1 § 7. The task force shall consult with relevant stakeholders, includ- 2 ing the title insurance industry, consumer advocacy groups, the real 3 estate industry, and any other organization, educational institution, 4 government entity or agency or person the task force deems necessary in 5 the development of its report required by subdivision ten of this 6 section. 7 § 8. The department of financial services shall provide the task force 8 with such facilities, assistance and data as will enable the task force 9 to carry out its powers and duties. Additionally, all other agencies of 10 the state or subdivisions thereof may, at the request of the chair- 11 person, provide the task force with such facilities, assistance and data 12 as will enable the task force to carry out its powers and duties. 13 § 9. The purpose of the task force shall be to examine and make recom- 14 mendations on issues including but not limited to: 15 a. the establishment of a public title insurance carrier, including 16 but not limited to: 17 i. the structure and administration of public title insurance carriers 18 in other jurisdictions, including Iowa; 19 ii. the impact the establishment of a public title insurance carrier 20 would have on lenders and consumers, including the impact on title 21 insurance premium rates; 22 iii. the impact the establishment of a public title insurance carrier 23 would have on the current title insurance industry in the state; 24 iv. whether such public title insurance carrier should offer coverage 25 for residential real estate, commercial real estate, or both; 26 v. the cost to the state of establishing such a public title insurance 27 carrier; and 28 vi. whether such public title insurance carrier should be the only 29 title insurance carrier authorized to do business in the state; 30 b. an analysis of the title insurance industry in New York State, 31 including but not limited to: 32 i. current laws and regulations within this state addressing the title 33 insurance industry; 34 ii. an analysis of title insurance premium rates in the state; and 35 iii. an analysis of the claim rates of title insurance policies in the 36 state. 37 § 10. No later than one year after the effective date of this section, 38 the task force shall transmit to the governor, the temporary president 39 of the senate and the speaker of the assembly a report on its findings, 40 including any recommendations for legislation or regulations. 41 § 11. This act shall take effect immediately and shall expire and be 42 deemed repealed sixty days after transmission of the report of the find- 43 ings of the task force to the governor, the temporary president of the 44 senate and the speaker of the assembly, as provided in section ten of 45 this act. Provided, however, that the commissioner of the department of 46 financial services shall notify the legislative bill drafting commission 47 upon the transmission of the report of the findings of the task force, 48 as provided in section ten of this act, in order that the commission may 49 maintain an accurate and timely effective data base of the official text 50 of the laws of the state of New York in furtherance of effectuating the 51 provisions of section 44 of the legislative law and section 70-b of the 52 public officers law.