HB 2806

Prohibits person that transacts title insurance in this state from refusing to issue policy of title insurance or refusing to close or insure real property transaction solely because real property that is subject of transaction has been used for purpose of growing, producing, manufacturing or selling cannabis, or conducting other activities related to cannabis, if growing, production, manufacture, sale or other activities occurred in compliance with state laws relating to regulation of marijuana items.

Bill Text

• Introduced

Prohibits title insurance companies from refusing to insure real property transactions solely because the property was used for legal cannabis-related activities.

Original Bill Text

Sponsors#

Chief Sponsors: David Brock Smith

Co-Sponsors: Unknown Legislator

Overview#

Prohibits person that transacts title insurance in this state from refusing to issue policy of title insurance or refusing to close or insure real property transaction solely because real property that is subject of transaction has been used for purpose of growing, producing, manufacturing or selling cannabis, or conducting other activities related to cannabis, if growing, production, manufacture, sale or other activities occurred in compliance with state laws relating to regulation of marijuana items. Provides that violation of provisions of Act is unfair and deceptive practice in transaction of insurance. Requires Director of Department of Consumer and Business Services to adopt rules to prohibit violation and to provide for imposing civil penalty of not more than $5,000 for violation. Becomes operative on January 1, 2022. Takes effect on 91st day following adjournment sine die.

Legislative History