LD 560
pg. 2
Page 1 of 2 An Act To Allow a Mortgagor To Select a Land Title Company To Perform a Title S... LD 560 Title Page
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LR 902
Item 1

 
or land title company for legal services rendered to the
financial institution as part of the closing.

 
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.


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