Md. Code Ann., Ins. § 22-104
Title insurance commitment or sample of form of policy requirements
Effective Oct 1, 2014Added by Acts 2014, c. 318, § 2, eff. Oct. 1, 2014; Acts 2014, c. 319, § 2, eff. Oct. 1, 2014.State of Maryland
(a) A title insurance commitment or sample of the form of policy into which the contingencies and conditions for insuring will be inserted:
- (1) constitutes a statement of the terms and conditions on which a title insurer is willing to issue a policy of title insurance if the title insurer accepts the premium for the policy;
- (2) is not a representation as to the state of title; and
- (3) does not constitute an abstract of title.
- (b) The rights, duties, and responsibilities applicable to the preparation or issuance of an abstract of title do not apply to the issuance of a title insurance commitment or sample of the form of policy into which the contingencies and conditions for insuring will be inserted.
(c) A title insurance commitment or sample of the form of policy into which the contingencies and conditions for insuring will be inserted shall contain the following statement:
“This document constitutes a statement of the terms and conditions on which a title insurer is willing to issue a policy of title insurance if the title insurer accepts the premium for the policy. It is not a representation as to the state of title and does not constitute an abstract of title.”.
Added by Acts 2014, c. 318, § 2, eff. Oct. 1, 2014; Acts 2014, c. 319, § 2, eff. Oct. 1, 2014.