Alabama

Under a bill recently introduced in Alabama, title agents would be required to be licensed and be subject to certain education requirements.

This bill would provide that a person presenting a real property or personal property instrument to the judge of probate for recording shall present proof of the actual purchase price of property or actual value of the property, and that if proof is not presented, the privilege or license tax will be based upon the assessed value of the property and the person failing to submit the required proof shall be subject to monetary penalties for failure to comply with the law.

This bill would permit title insurers to issue closing or settlement protection; would require closing or settlement protection forms to be approved by the Commissioner of Insurance; would specify the fees that may be charged for issuing closing or settlement protection; and would require notice to real estate purchasers of the availability of closing or settlement protection.

Relating to insurance; to permit title insurers to issue closing or settlement protection; to require closing or settlement protection forms to be approved by the Commissioner of Insurance; to specify the fees that may be charged by title insurers for issuing closing or settlement protection; to require notice to real estate purchasers of the availability of closing or settlement protection; and for this purpose to add Section 27-3-6.1 to the Code of Alabama 1975.