The bill amends several sections of the Revised Code related to joint venture title insurance companies and introduces a new section, 3953.36. Key changes include a redefinition of "joint venture" to specify that it pertains to title insurance companies or agents with beneficial owners, and the introduction of the term "beneficial owner," which outlines the criteria for individuals or entities that receive financial benefits from a joint venture. Additionally, the bill prohibits title insurance companies from allowing certain entities, such as banks and real estate companies, to act as their agents, and it establishes regulations regarding the payment of commissions and fees to various parties involved in title insurance transactions.

Furthermore, the new section 3953.36 sets forth requirements for joint ventures, including stipulations on the dissolution and buy-back of ownership interests, which cannot be mandated within five years of the joint venture's formation. It also outlines conditions under which a beneficial owner may be required to sell their ownership interest back to the joint venture, such as criminal charges or loss of professional licensure. The bill aims to enhance regulatory oversight and ensure compliance within the title insurance industry while repealing existing sections that are replaced by the new provisions.

Statutes affected:
As Introduced: 3953.01, 3953.21, 3953.26, 3953.331, 3953.36