The bill amends Kansas title insurance laws to enhance regulatory oversight and consumer protection. It requires title insurance agents to make audit reports available for inspection by the commissioner of insurance upon request, rather than submitting them annually. The bill sets the surety bond amount at $100,000 and removes the controlled business exemption in certain counties. It also establishes guidelines for the handling of escrow funds, ensuring they are properly segregated and disbursed under specific conditions. Additionally, the bill updates definitions related to unfair competition and deceptive practices, focusing on transparency, particularly for individuals affected by domestic abuse or living organ donation.

Moreover, the bill introduces new provisions regarding the marketing practices of title insurance companies, prohibiting inducements like rebates or gifts that could influence purchases. It mandates strict disclosure guidelines related to financial interests in title transactions and requires title insurers and agents to maintain records of closed title orders. The bill also emphasizes the importance of protecting nonpublic personal information and aligns with the Gramm-Leach-Bliley Act of 1999. It repeals certain sections of the Kansas Statutes Annotated and establishes an effective date of January 1, 2026, allowing for a transition period for the implementation of these new regulations.

Statutes affected:
As introduced: 40-1139, 40-1137, 40-2404
As Amended by House Committee: 40-1139, 40-1137, 40-2404