Senate Commerce Committee Statement - Senate Bill No. 3081 (State of New Jersey, December 14, 2020)

Summary

A Senate Commerce Committee statement of the State of New Jersey, dated December 14, 2020, reporting Senate Bill No. 3081 favorably. The statement explains that current law treats as an unlawful rebate, subject to penalty, the excess when rates and charges for personal or controlled title insurance from any one source exceed 25%, or from all sources exceed 50%, of a title insurance company's or agent's total title insurance rates and charges in a calendar year, and that the bill eliminates that provision.

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     SENATE COMMERCE COMMITTEE

                   STATEMENT TO

                 SENATE, No. 3081

 STATE OF NEW JERSEY
                  DATED: DECEMBER 14, 2020

   The Senate Commerce Committee reports favorably Senate Bill
No. 3081.
   Current law provides that if the rates and charges for personal or
controlled insurance from any one source so issued in a calendar
year received by a title insurance company or by a title insurance
agent exceed 25%, or from all sources exceed 50% of the total rates
and charges received by the title insurance company or title
insurance agent for title insurance issued in the same year, the
excess is an unlawful rebate that is subject to penalty. The bill
eliminates this provision of law.


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