HB0090 Title insurers and agents. | Wyoming Bill

Title insurers and agents.

AN ACT relating to title insurance; specifying records retention policy for title agents and title insurers; specifying duties of title agents during closing transactions; repealing limitations to allow for private legal recourse under the Wyoming Title Insurance Act; and providing for an effective date.

Plain English Breakdown

The bill text does not explicitly mention giving the commissioner additional powers beyond examining, auditing, and inspecting books and records maintained under this article. The claim was removed as it is not supported by the official source material.

Title Insurance Rules for Agents and Insurers

The bill sets rules for title insurance agents and insurers in Wyoming regarding record-keeping requirements and duties during closing transactions, and allows private legal recourse.

What This Bill Does

Sets a policy for how long title insurance agents must keep records of their transactions.

Requires title agents to show all necessary documents to parties before a transaction closes.

Removes limits that prevent people from taking legal action against title insurers or agents if they break the rules.

Who It Names or Affects

Title insurance agents

Title insurers

Terms To Know

title agent

A person who works for a title insurer to handle transactions related to title insurance.

commissioner

An official in charge of overseeing and regulating certain industries, like title insurance.

Limits and Unknowns

The bill did not pass during the session.

It is unclear how many people will be affected by these changes since it did not become law.

Bill History

2021-03-08 House

H Did Not Consider for Introduction

2021-03-08 House

H Did not Consider for Introduction

2021-02-02 House

H Received for Introduction

2021-02-01 LSO

Bill Number Assigned

Current Bill Text

Read the full stored bill text

21LSO-0302
2021
STATE OF WYOMING
21LSO-0302
Numbered
2.0

HOUSE BILL NO. HB0090

Title insurers and agents.

Sponsored by: Representative(s) Newsome, Blackburn, Clausen and Simpson and Senator(s) Nethercott

A BILL

for

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.

W.S. 26
‑
23
‑
319 is amended to read:

26
‑
23
‑
319.

Title agents; records.

(a)

A title agent shall keep
appropriate records of each transaction related to title insurance business. Records under this section shall include appointment calendars, notary records, correspondence, email, telephone logs and messages,
books of account and records and vouchers pertaining to any business transacted under this article.
A copy of all records maintained by a title agent under this subsection shall be retained by the title insurer that appointed the title agent for the purposes of the transaction for at least fifteen (15) years following the date of the transaction.
All records shall be maintained in a manner that the commissioner may readily ascertain from time to time whether the title agent has complied with all applicable provisions of this article.

(b)

The commissioner, at any time during normal business hours, may examine, audit and inspect books and records maintained by title agents
and title insurers
under this article.

(c)

A title agent shall present and discuss all documents related to the transaction with all parties
before each closing transaction. The documents presented shall include any document that is required to complete the transaction pursuant to federal or state law, any forms required by any lender or title insurer involved in the transaction and any easement or other document related to the transaction that will be recorded before the title transfer is recorded. The title agent shall not present any portion of a document that contains confidential or privileged information.

Section 2
.

W.S. 26
‑
23
‑
334(b) is repealed.

Section 3.

This act is effective July 1, 2021
.

(END)

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HB0090