New York A 3818: Relates to establishing the online consumer protection act

Bill Text

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A03818 Summary:

BILL NOA03818 

&nbsp

SAME ASNo Same As

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SPONSORWeprin

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §6409, Ins L

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Permits any title insurance corporation or title insurance agent, or any other person acting for or on behalf of the title insurance corporation or title insurance agent, from undertaking any usual and customary marketing activity aimed at acquainting present and prospective customers with the advantages of using a particular title insurer or title insurance agent that are not intended for the purpose of a reward for the future placement of, or the past placement, of a particular piece of title insurance business; lays out such permitted practices.

Go to top A03818 Actions:

BILL NOA03818 

&nbsp

01/30/2025referred to insurance

01/07/2026referred to insurance

Go to topA03818 Committee&nbspVotes:

Go to topA03818 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA03818 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3818

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 30, 2025
 ___________

 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
 on Insurance

 AN ACT to amend the insurance law, in relation to allowable expenses for
 title insurance corporations and title insurance agents

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subsection (d) of section 6409 of the insurance law, as
 2 amended by section 17 of part V of chapter 57 of the laws of 2014, is
 3 amended to read as follows:
 4 (d) (1) No title insurance corporation, title insurance agent, or any
 5 other person acting for or on behalf of the title insurance corporation
 6 or title insurance agent, shall offer or make, directly or indirectly,
 7 any rebate of any portion of the fee, premium or charge made, or pay or
 8 give to any applicant, or to any person, firm, or corporation acting as
 9 agent, representative, attorney, or employee of the owner, lessee, mort-
 10 gagee or the prospective owner, lessee, or mortgagee of the real proper-
 11 ty or any interest therein, either directly or indirectly, any commis-
 12 sion, any part of its fees or charges, or any other consideration or
 13 valuable thing, as an inducement for, or as compensation for, any title
 14 insurance business, nor shall any applicant, or any person, firm, or
 15 corporation acting as agent, representative, attorney, or employee of
 16 the owner, lessee, mortgagee or of the prospective owner, lessee, or
 17 mortgagee of the real property or anyone having any interest in real
 18 property knowingly receive, directly or indirectly, any such rebate or
 19 other consideration or valuable thing. Any person or entity who violates
 20 this section shall be subject to a penalty of [(1)] (i) five thousand
 21 dollars; or [(2)] (ii) up to ten times the amount of any compensation or
 22 rebate received or paid in the case of a title insurance corporation or
 23 title insurance agent; or [(3)] (iii) up to five times the amount of any
 24 compensation or rebate received or paid; or [(4)] (iv) in the case of an
 25 applicant for title insurance that covers real property used predomi-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07493-01-5

 A. 3818 2

 1 nantly for residential purposes, and which consists of not more than
 2 four dwelling units, other than hotels and motels, an amount not to
 3 exceed the compensation or rebate received or paid, when such applicant
 4 knew that it was a violation to receive such rebate, or other consider-
 5 ation or valuable thing; provided, however, if such applicant did not
 6 know that it was a violation to receive such rebate, or other consider-
 7 ation or valuable thing, [he or she] such applicant shall not be
 8 assessed a penalty under this [subdivision] subsection.
 9 (2) Nothing contained in paragraph one of this subsection to the
 10 contrary shall prohibit any title insurance corporation or title insur-
 11 ance agent, or any other person acting for or on behalf of the title
 12 insurance corporation or title insurance agent, from undertaking any
 13 usual and customary marketing activity aimed a