SCS/SB 634 - This act provides that a title insurer, title agency, or title agent may perform escrow or closing services in residential real estate transactions by giving notice to affected persons that their interests are not protected by the title insurer, agency, or agent in situations where the title insurance policy is not being issued by the title insurer, agency, or agent performing the escrow or closing services. In situations where title insurers, agencies and agents are exclusively performing escrow, settlement, or closing services, it is unlawful for such entities to do so unless they clearly disclose to the sellers, buyers, and lenders involved in such escrows, settlements, or closings that no title insurer is providing any protection for closing or settlement funds. This act is substantially similar to SB 364 (2013).
MICHELA BIRK