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House Bill 1114


House Bill 1114

ARCHIVE (2006)

Latest Information

 

DIGEST OF HB 1114 (Updated March 14, 2006 5:10 pm - DI 87)


Various property matters. Establishes the title insurance enforcement fund. Imposes a $5 fee on the purchaser of a title insurance policy and requires the insurer to deposit $3of the fee in the title insurance enforcement fund (the insurer is allowed to retain $2 of the fee for administrative costs). Authorizes the budget agency to augment the appropriations to the department of insurance from the title insurance enforcement fund. Specifies the language sufficient to incorporate by reference a recorded covenant, restriction, easement, or other encumbrance in a conveyance of land. Provides that an adverse possessor or claimant who wishes to establish title to land or real estate must pay the taxes and special assessments that the adverse possessor or claimant reasonably believes in good faith to be due on the land or real estate. (Current law requires the adverse possessor or claimant to pay the taxes and special assessments due on the land or real estate.) Provides the methods of payment that a county recorder may authorize that the county recorder may be paid with. Provides that a county recorder may collect a sum if it is charged a fee for the use of a financial instrument. Requires a court clerk and a county recorder to collect a fee from a person using a bank card or credit card if there is a vendor transaction charge or discount fee. Allows a court clerk and a county recorder to contract with a payment processing company. Allows the payment processing company to collect a transaction fee from the person using the bank card or credit card. Requires redaction of Social Security numbers (unless required under other law) in documents filed with the county recorder. Requires an instrument that conveys, creates, encumbers, assigns, or otherwise disposes of an interest in or lien on property (other than a federal lien) to have the Social Security numbers redacted before recording and filing unless required by other law. Reduces the standard for the redaction of Social Security numbers in recorded or filed documents from "to the extent possible" to "to the extent practicable and as permitted by law". Adds a culpability standard for the Class A infraction that may be committed when recorded documents containing Social Security numbers are disclosed by the county recorder's office. Provides that a county recorder shall charge a county identification security protection fee for recording or filing a document. Amends the affirmation regarding redacting a Social Security number that must be attached to a document that is recorded or filed. Provides that, for purposes of the law concerning credit services organizations: (1) the definition of "credit services organization" includes a person that sells the service of obtaining a delay or forebearance of a buyer's obligation under a mortgage; (2) the definition of "extension of credit" includes the right to delay or avoid foreclosure on a buyer's mortgage; (3) it is a deceptive act to take power of attorney from a buyer for any purpose other than inspecting documents as provided by law; and (4) a credit service organization must obtain a surety bond in the amount of $25,000 instead of $10,000 before doing business in Indiana.
Current Status:
 Law Enacted
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