Bulletin: IN2014006

Date:
June 27, 2014
To:
All Indiana Issuing Offices
RE:
LEGISLATIVE UPDATE - HEA 1005 Repeal of the Indiana Responsible Transfer Law

Dear Associates:

Effective July 1, 2014, the Indiana Responsible Property Transfer Law set forth in Indiana Code 13-25-3 is repealed by HEA 1005. The Indiana Responsible Property Transfer Law requires a seller to provide to purchaser and record an environmental disclosure document for properties defined in IC 13-11-2-174 as sites that are: 1) subject to reporting under Section 312 of the federal Emergency Planning and Community Right-to-Know Act of 1986 (42 U.S.C. 11022); 2) subject to notification requirements under 42 U.S.C. 6991a and IC 13-23-1-(c)(8)(A) for underground storage tanks; or 3)  listed on the Comprehensive Environmental Response, Compensation and Liability Information System (CERCLIS).

Vendor’s and mortgagor’s affidavits in real estate transactions have customarily included a recital that the property does not fall within the definition of property under IC 13-11-2-174 for which a  disclosure document is required under the Indiana Responsible Property Transfer Law set forth at Indiana Code 13-25-3. 

As a result of the repeal of this law in HEA 1005, you should delete references and/or recitals to the Indiana Responsible Property Transfer Law in any vendor’s and mortgagor’s affidavits executed in connection with a title insurance transaction.

A copy of HEA 1005 can be found at the following link:

http://iga.in.gov/legislative/2014/bills/house/1005/#

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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.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None