The Arkansas Senate is backing a proposal to set up a new commission that would supervise the title insurance business.
The body approved Sen. Jeremy Hutchinson’s bill on a 20-11 vote on March 17. The bill had failed the day before to obtain the 18 votes needed for passage.
Hutchinson said the business of ensuring that land claims are valid is a “unique industry” that should have its own commission. Some senators said title insurers should be covered by the state insurance department.
Sen. Jason Rapert said Hutchinson’s bill should have gone through his Insurance and Commerce Committee, rather than the Judiciary Committee, and Sen. Bruce Maloch said that with the recent change in administrations, governance should remain for now with the Insurance Commission.
The bill now goes to the House.
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