12 U.S.C. § 2608 — Title companies; liability of seller
submitted 52 years ago by Pub. L. 93-533 to r/title-12-BANKS-AND-BANKING · 76 words · no verdicts yet
A seller may not require a buyer using a federally related mortgage loan to buy title insurance from a particular company. A violating seller owes three times the title-insurance charges.
(a) A seller of property bought with help from a federally related mortgage loan* may not directly or indirectly condition the sale on the buyer buying title insurance from a particular title company*. (b) A violating seller is liable to the buyer for three times all charges for that title insurance.
No seller of property that will be purchased with the assistance of a federally related mortgage loan* shall require directly or indirectly, as a condition to selling the property, that title insurance covering the property be purchased by the buyer from any particular title company*.
Any seller who violates the provisions of subsection (a) shall be liable to the buyer in an amount equal to three times all charges made for such title insurance.
Source credit: (Pub. L. 93–533, § 9, Dec. 22, 1974, 88 Stat. 1728.)
- 1974Enacted · Pub. L. 93-533 · 88 Stat. 1728
A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-533 on 1974-12-22.
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