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

Summary

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

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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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