The bill amends several sections of the Revised Code related to joint venture title insurance companies, specifically sections 3953.01, 3953.21, 3953.26, and 3953.331, while enacting a new section 3953.36 and repealing the existing 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 establishes new regulations regarding the certification of title insurance agents and prohibits certain entities, such as banks and real estate companies, from acting as agents for title insurance companies.

Furthermore, the bill introduces provisions that govern the operational structure of joint ventures, including restrictions on requiring dissolution or buy-back of ownership interests within five years of formation. It also specifies conditions under which a beneficial owner may be compelled to sell their ownership interest, such as criminal charges or loss of professional licensure. The amendments aim to enhance regulatory oversight and ensure compliance within the title insurance industry, thereby promoting transparency and accountability among joint ventures.

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