Colorado Legislative Council Staff

NO FISCAL IMPACT

TITLE:            CONCERNING THE MODIFICATION OF THE LENGTH OF TIME FOR WHICH TITLE INSURANCE DOCUMENTS MUST BE RETAINED.

Summary of Assessment

            The bill changes record keeping requirements of title insurance companies and their agents:

            •   decreases the period of time for which a title insurance company or agent must retain evidence of insurability of a title from 15 years to 7 years; and

            •   increases the period of time for which a licensed agent of a title insurance company must retain closing and settlement services files and escrow files from 5 years to 7 years.

            The bill would become effective ninety days after adjournment unless a referendum petition is filed and approved by the voters.

            These changes will not impact the Division of Insurance, Department of Regulatory Agencies, or any other agency of the state, or unit of local government. Therefore, this bill is assessed as having no fiscal impact.

Departments Contacted

            Regulatory Agencies