Amends the Title Insurance Act. Provides that a corporation authorized to do business under the Act shall notify, in writing, the mortgagor and the third-party involved in a mortgage assumption transaction that when the mortgage is being assumed by the third-party and the third-party fails to pay the mortgage, the mortgagor may be responsible for the mortgage. Effective January 1, 2014.
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Session Sine Die
Rule 19(a) / Re-referred to Rules Committee
Assigned to Financial Institutions Committee
Referred to Rules Committee
Filed with the Clerk by Rep. Pam Roth
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