| Vote Recommendation | Economic Freedom | Property Rights | Personal Responsibility | Limited Government | Individual Liberty |
|---|---|---|---|---|---|
| Yes | Neutral | Neutral | Neutral | Positive | Neutral |
Relating to licensing and
appointment of title insurance escrow officers; changing the limit applicable
to a fee; authorizing a fee.
No significant fiscal implication to the State is
anticipated.
HB 2491 makes clarifications to the licensing and
appointment requirements for title insurance escrow officers. Specifically, changes
would be made to Chapter 2652 (Escrow Officers) of the Insurance Code.
This legislation would amend requirements that a title
insurance agent must follow before employing an escrow officer. Before an
escrow officer may work for a title insurance agent, the information of that
officer must be registered with the Texas Department of Insurance (TDI). This
information would be available to the public.
When an escrow officer renews his or her license, they must
pay a renewal fee on top of the forms.
This legislation amends continuing education requirements
for an escrow officer by allowing TDI to enter into an agreement with an
independent contractor to provide these educational programs.
HB 2491 would add Section 2652.1511 that concerns the
appointment procedures of an escrow officer. Specifically, this legislation
would allow an escrow agent to work for more than one title insurance agent.
Additionally, this new sections covers the information a title insurance agent
must submit to TDI on the appointment of an escrow officer; when that escrow
officer may begin working for the Title insurer and when that escrow officer’s
appointment expires.
The remaining parts of this bill would integrate the
provisions from Section 2652.1511 with the rest of Chapter 2652.
Currently, some of the laws that regulate escrow officers
are vague. This vagueness has resulted in confusion for TDI and for licensed
escrow officers. The main problem is that both entities are unsure whether an
escrow officer needs one license or multiple licenses to work for more than one
title insurance agent.
According to the author’s office, TDI has sought the legislature for a remedy to this confusion. HB 2491 would clarify that an escrow officer would only need one license to work for multiple title insurers.
By falling on the side of one license rather than two, this bill promotes limited government. We support HB 2491.