This subsection may not be construed to require certification of title to a financial institution or credit union if that institution does not so require or to a land title insurance company if that company does not so require. A financial institution may not require both certification of title and title insurance to protect its interests.

Any violation of this section by a financial institution authorized to do business in this State or credit union authorized to do business in this State is an anticompetitive or deceptive practice as defined in this chapter and subject to the remedies provided in this chapter in addition to such other remedies as may be provided otherwise by law.

SUMMARY

This bill requires that a financial institution or credit union that accepts an application for a residential mortgage for 1 to 4 residential units and requires a title search on the property subject to the mortgage must permit the prospective mortgagor to select a land title company to perform the title search.