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Bill

LC 3492

Generally revise laws regarding title insurance

2025 Regular Session

LC 3492 seeks to overhaul title-insurance laws; no specifics released, and the draft died, so no changes take effect.

(LC) Draft Died in Process
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Bill Summary · LC 3492

Summary of LC 3492: Generally revise laws regarding title insurance

Overview

  • Bill Number: LC 3492
  • Title: Generally revise laws regarding title insurance
  • Classification: bill
  • Subject: Insurance
  • Introduced: December 17, 2024
  • Status: Draft Died in Process (LC). Drafter Assigned on introduction date. Last recorded action: May 27, 2025, Draft Died in Process.

LC 3492 is a proposed legislative measure intended to revise the laws governing title insurance. The available record confirms only the bill’s broad aim and its procedural status; the actual text and detailed provisions have not been provided in the available information.

Purpose and Intent

  • Primary aim: To generally revise laws related to title insurance.
  • Specific objectives, definitions, and mechanisms are not included in the provided materials.
  • Note: Without the bill text, the exact reforms (e.g., licensing, consumer disclosures, premium regulation, or enforcement changes) cannot be confirmed.

Key Provisions (not specified in the available text)

Because the actual bill language is not provided, the following categories are commonly addressed in title-insurance reforms. These are potential areas the bill could cover if developed, but are not stated as LC 3492’s exact provisions:
- Regulatory framework: licensing and oversight of title insurers and title agents; scope of authority for regulators.
- Consumer protections: requirements for disclosures, timing, and clarity of policy terms; limitations or guidance on endorsements and riders.
- Financial and trust requirements: reserve funding, escrow/trust account standards, solvency measures.
- Premiums and policy forms: rules governing pricing, rate approvals, policy forms, endorsements, and standardized language.
- Fraud prevention and enforcement: penalties, enforcement procedures, audit authority.
- Administrative process: deadlines for compliance, rulemaking authority, sunset or renewal provisions.

Affected Parties

  • Title insurers and title agents (licensing, operations, and compliance)
  • Mortgage lenders and real estate professionals who rely on title insurance
  • Consumers purchasing title insurance and beneficiaries of title insurance policies
  • Regulators and state insurance departments

Timeline and Status

  • Introduced: 2024-12-17 (Drafter Assigned on the same date).
  • Action: 2025-05-27 – Draft Died in Process.
  • Current status indicates the bill did not advance beyond the drafting stage in its current form.

Potential Impact (if enacted)

If enacted, LC 3492 could alter licensing requirements, consumer disclosures, premium practices, and enforcement related to title insurance. The exact effects would depend on the finalized text, including any new standards for insurers and agents or changes to policy language and consumer protections.

Next Steps

  • No further action on LC 3492 appears to be planned given the “Died in Process” status.
  • If policymakers choose to revive the measure, a new draft would need to be introduced, with committee hearings and potential amendments; interested stakeholders should monitor for any future filing and public-facing summaries.

Notes: This summary reflects the information available for LC 3492 and does not include unfiled bill text.

Compiled from official sources — confirm details with the bill’s official record.

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