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STANDING COMMITTEE
Room C450, State Capitol, Utah State Capitol Complex
February 22, 2008
Members Present: Rep. Stephen D. Clark, Chair
Rep. Jim Dunnigan, Vice Chair
Rep. Jackie Biskupski
Rep. David Clark
Rep. Gage Froerer
Rep. Kevin Garn
Rep. Neil A Hansen
Rep. Michael T. Morley
Rep. Paul Neuenschwander
Rep. Mark Walker
Members Absent: Rep. Ben Ferry
Rep. Todd E. Kiser
Members Excused: Rep. Carl W. Duckworth
Staff Present: Allison Nicholson, Policy Analyst
Linda Error, Committee Secretary
Note: List of visitors and a copy of handouts are filed with committee minutes .
Vice Chair Dunnigan called the meeting to order at 8:15 a.m.
H.B. 466 Title Insurance Recovery, Education, and Research Fund Act
(Rep. M. Morley)
Rep. Morley introduced the bill to the committee.
MOTION: Rep. Morley moved to amend the bill as follows:
1. Page 7, Lines 195 through 212 :
195 (2) Beginning January 1, 2009, an individual who applies for a license or renewal of a
196 license as a title insurance producer, shall pay in addition to any other fee required by this title,
197 an assessment
{
no
}
not
to exceed $20, as determined by the commission by rule
made in accordance
198 with Title 63, Chapter 46a, Utah Administrative Rulemaking Act, except that if the individual
199 holds more than one license, the total of all assessments under this Subsection (2) may not
200 exceed $20 in a fiscal year.
201
{
(3) (a) Subject to Subsection (3)(b), a title insurance licensee licensed on
July 1, 2008
202 shall pay to the department an assessment equal to the greater of:
203 (i) $1,000; or
204 (ii) 2% of the balance as of July 1, 2008 in the title insurance licensee's reserve account
205 required under Subsection 31A-23a-204 (3).
206 (b) If the aggregate amount collected from title insurance licensees under Subsection
207 (3)(a) exceeds $250,000, the commission may reduce the assessment by an equal percentage
208 for all title insurance licensees required to pay the assessment under Subsection (3)(a).
209 (c) A title insurance licensee required to pay an assessment under Subsection (3)(a)
210 shall pay the assessment to the department by no later than August 1, 2008. }
(3)(a) To be licensed as a title insurance agency on or after July 1, 2008, a person
shall pay to the department an assessment of $1,000 before the day on which the
person is licensed as a title insurance agency.
(b)(i) By no later than July 15, 2008, the department shall assess on a title insurance agency licensed as of June 30, 2008, an amount equal to the greater of:
(A) $1,000; or
(B) subject to Subsection (3)(b)(ii), 2% of the balance as of December 31, 2007, in the title insurance agency's reserve account required under Subsection 31A-23a- 204(3).
(ii) The department may assess on a title insurance agency an amount less than 2% of the balance described in Subsection (3)(b)(i)(B) if:
(A) before issuing the assessments under this Subsection (3)(b) the department determines that the total of all assessments under Subsection (3)(b)(i) will exceed $250,000;
(B) the amount assessed on the title insurance agency is not less than $1,000; and
(C) the department reduces the assessment in a proportionate amount for title insurance agencies assessed on the basis of the 2% of the balance described in
Subsection (3)(b)(i)(B).
(iii) A title insurance agency assessed under this Subsection (3)(b) shall pay the
assessment by no later than August 1, 2008.
211 (4) The department may not assess a title insurance licensee an assessment for
212 purposes of the fund if that assessment is not expressly provided for in this section.
2. Page 8, Lines 216 through 228 :
216 (2) (a) Except as limited by Subsection (2)(b), monies in the fund in excess of
217 $250,000 may be used by the commissioner, with the consent of the commission, to:
218 (i) investigate violations of this chapter related to fraud by a title insurance licensee;
219 (ii) conduct education and research in the field of title insurance; or
220 (iii)
{
audit or review
}
examine
a title insurance licensee's:
221 (A) escrow and trust account;
222
{
(B) financial condition;
}
223
{
(C)
}
(B)
search and examine procedures; or
224
{
(D)
}
(C)
compliance with applicable statutes and rules.
225 (b) The commissioner may not use more than 75% of monies collected under this
226 chapter in a fiscal year from assessments and interest for the purposes outlined in this
227 Subsection (2).
228 (3)
{
An audit
}
The disclosure of an examination
conducted under this
section is
{
confidential
}
governed by Section 31A-2-204
.
The motion to amend passed unanimously, with Rep. Garn and Rep. Walker absent for the vote.
Spoke for the bill: Paul Newton, Utah Land Title Association
Brett Simpson, Backman Title Services
MOTION: Rep. D. Clark moved to pass the bill out favorably. The motion passed unanimously, with Rep. Garn and Rep. Walker absent for the vote.
MOTION: Rep. S. Clark moved to approve the minutes of the February 20, 2008 meeting. The motion passed unanimously, with Rep. Garn and Rep. Walker absent for the vote.
H.B. 443 Membership of Occupational and Professional Licensure Review Committee (Rep. G. Hughes)
Rep. Hughes introduced the bill to the committee.
MOTION: Rep. D. Clark moved to pass the bill out favorably. The motion passed unanimously, with Rep. Morley absent for the vote.
MOTION: Rep. Garn moved to place H.B. 443 on the Consent Calender with the approval of the sponsor. The motion passed unanimously, with Rep. Morley absent for the vote.
S.B. 156 Utah Relocation Assistance Act Amendments (Sen. L. Hillyard)
Sen. Hillyard introduced the bill to the committee with the assistance of Craig Call, citizen.
MOTION: Rep. S. Clark moved to pass the bill out favorably, The motion passed unanimously with Rep. Morley absent for the vote.
MOTION: Rep. Garn moved to place S.B. 156 on the Consent Calendar with the approval of the sponsor. The motion passed unanimously, with Rep. Morley absent for the vote.
S.B. 132 Consumer Credit Protection Act - Attorney General Powers (Sen. C. Walker)
Sen Walker introduced the bill to the committee.
MOTION: Rep. D. Clark moved to amend the bill as follows:
1. Page 3, Lines 60 through 62
Senate Committee Amendments
1-28-2008 :
60 (8) (a) The attorney general may inspect and copy all records related to the business
61 conducted by the person S.
{
[
}
alleged
{
]
}
{
who is found
}
.S to have
violated this chapter, including
61a records located outside
62 the state.
The motion to amend passed unanimously, with Rep. Morley absent for the vote.
MOTION: Rep. D. Clark moved to pass the bill out favorably. The motion passed unanimously, with Rep. Morley absent for the vote.
MOTION: Rep. Neuenschwander moved to place S.B. 132 on the Consent Calendar with the approval of the sponsor. The motion passed unanimously, with Rep. Morley absent for the vote.
S.B. 171 Repeal of Certain Reporting by Financial Institutions (Sen. K. VanTassell)
Sen. VanTassell introduced the bill to the committee.
MOTION: Rep. S. Clark moved to pass the bill out favorably. The motion passed unanimously, with Rep. Morley absent for the vote.
MOTION: Rep. Neuenschwander moved to place S.B. 171 on the Consent Calendar with the approval of the sponsor. The motion passed unanimously, with Rep. Morley absent for the vote.
MOTION: Rep. D Clark moved to adjourn. The motion passed unanimously, with Rep. Morley absent for the vote.
Vice Chair Dunnigan adjourned the meeting at 8:45 a.m.
________________________________
Rep. Stephen D. Clark, Chair