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Title Talk Newsletters
Special Rate or Charge Consent Form Revised

The New Jersey Land Title Insurance Rating Bureau [“NJLTIRB”] has recently received approval of the Department of Banking & Insurance [“DOBI”] for revisions to the Consent to Special Rate or Charge form (NJ RB No. 6-03). The revised form became effective on April 1, 2015.

Rate Manual § 3.1.5 (“Right to Impose Special Charges”) was recently amended to harmonize § 3.1.5(c) with changes to the definition of “Settlement Charge” found in §1.9. These revisions, together with amendments to Article 6 (“Settlement Charges”) became effective on April 1, 2015. See Title Talk No. 91 (Winter 2014-15) for more information. As a result, the Consent to Special Rate or Charge form, which is to be utilized whenever a special rate or charge is to be imposed under § 3.1.5, has been updated. By way of summary, §3.1.5 permits a title insurer or agent to impose additional charges under the following circumstances:

(a) insurance coverage is to be provided for special risks or unusual hazards exist; or

(b) an examination of title involves extraordinary time or expertise or both; or

(c) a settlement or closing is unusually long or complex, or involves an unusually large number of disbursements, etc.

Under § 3.1.5(d), in cases where additional charges are to be imposed under (a), (b) or (c) above, the applicant and proposed insured shall be promptly notified of both the right to (a) withdraw the title insurance application or order, and (b) appeal the imposition of the special charge to the Commissioner of Banking and Insurance. Consistent with the foregoing, § 3.1.5(e) requires that title insurers and agents“keep and maintain records of each special charge imposed”. Thus, the Consent to Special Rate or Charge form was created (and has now been revised) to comply with the directives of § 3.1.5(d) and (e).

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