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 timing of ownership interest buy-backs and conditions under which a beneficial owner may be required to sell their interests. The bill also mandates that title insurance agencies maintain adequate records for compliance purposes and outlines the circumstances under which ownership interests can be sold back to the joint venture. Existing sections of the Revised Code that are being amended or repealed are also noted, ensuring that the new provisions are integrated into the current legal framework.

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