A company described in section 3 of this chapter that issues a title insurance policy shall perform or cause to be performed a title search for the real estate in conjunction with a mortgage secured by the real estate unless the mortgage meets all of the following requirements:

1. (1) The principal amount of the mortgage is not more than fifty thousand dollars ($50,000).
2. (2) The mortgage is subordinate to a prior mortgage where a title search was conducted and a title policy was issued.
3. (3) The mortgage is not a reverse mortgage.

As added by P.L.68-2002, SEC.2.