- September 03, 2004
- All Issuing Offices in Indiana
- New Title Insurance Licensing Requirements and Closer Responsibilities
New Indiana legislation (House Enrolled Act 1005) requires closing agents to
provide individuals, who obtain a single-family residential purchase money or
refinance loan, information on property tax deductions and the homestead credit
on State Form 51781 (6-04) prescribed by the State of Indiana Department of
Local Government Finance. 
This requirement is effective as of January 1, 2005. Closers may reproduce
the form on gold or yellow paper. A copy of the form is attached to this
bulletin. Closers will be required to document compliance by a
verification of receipt form signed by the borrower. Agents may create their own
compliance form. A sample compliance form is attached hereto.
Failure to comply will result in a $25.00 fine per transaction levied by the
House Enrolled Act 1005 also requires that anyone renewing their title
insurance license after
Additionally, House Enrolled Act 1005 provides that employees who quote title insurance rates at the request of a customer but do not discuss terms or conditions of a title insurance policy do not need to be licensed by the Department of Insurance.
A complete copy of House Enrolled Act 1005 is available at www.in.gov/legislative/. Click on ?Bills and Resolutions?.
 I.C. 27-1-15.7-2(b)
 I.C. 27-1-15-7.5(a)(2)(F)
 I.C. 27-1-15.7-2(b)
 I.C. 27-1-15.6-4(c)(9)
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.