On Monday, April 3, 2023, proposed Senate Bill 7052 was filed. Section 23 of that bill would effectively eliminate promulgated rates for title insurance in Florida. Recognizing the huge potential impacts of such a change to Florida’s rate structure, The Fund, the members of the Florida Land Title Association and the Real Property, Probate and Trust Law Section of the Florida Bar immediately began efforts to educate Florida lawmakers on this issue. We emphasized how our current rate structure supports title agents. While we want to make you aware of this proposed legislation, please rest assured that The Fund and its professional team in Tallahassee are working to oppose Section 23, of Senate Bill 7052.
I promise to update you regularly on this legislation as it makes its way through the legislative process. Feel free to contact me with any questions or comments.
The full text of the proposed bill can be viewed here (Section 23 is the part on title insurance):
https://www.flsenate.gov/Session/Bill/2023/7052/BillText/pb/PDF
Melissa Jay Murphy
Executive Vice President, Chief Legal Officer,
and General Counsel