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You are here: Home . bulletins . 1995earlier . 151

BULLETIN NO. 151

April 22, 1975

 

TO: ALL TITLE INSURANCE COMPANIES LICENSED TO DO BUSINESS IN THE STATE OF TEXAS AND ALL AGENTS THEREOF.

RE: RULE P-13 REAL ESTATE SETTLEMENT ACT OF 1974

We have been asked whether or not the "Real Estate Settlement Procedures Act of 1974" which becomes effective June 20, 1975, is a "similar act" subject to the prohibitions set out in Rule P-13 which prohibits title insurance companies and agents from preparing or passing judgment on disclosure documents and similar responsibilities which are placed by the Act upon the lender. Please be advised that in our opinion the "Real Estate Settlement Procedures Act of 1974" is an act which would fall within the meaning of the term "similar acts" in Rule P-13 and therefore title insurance companies and agents may not prepare or pass judgment on any disclosure documents or other requirements of such act which by the act are a responsibility of the lender or some other party to the transaction other than the title insurance company or title insurance agent.

/s/ Ira M. Goodrich
IRA M. GOODRICH
Asst. Director of Title Insurance

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