❌ HB230
Revise the joint venture title insurance company law
Summary
This bill revises the laws governing joint venture title insurance companies in Ohio, including definitions, requirements for annual certification, and conditions under which ownership interests can be bought back or sold. It prohibits certain entities from acting as agents for title insurance companies and outlines the record-keeping requirements for joint ventures. The bill also specifies conditions under which beneficial owners may be required to sell their ownership interests.
Rationale
The bill introduces regulatory requirements that may limit the freedom of contract and business operations for title insurance companies, which conflicts with the LP's principles of minimal government intervention in economic matters. However, it does not completely oppose the LPO's platform, which allows for some regulation as long as it does not infringe on individual rights.
Risks and Concerns
- Increased regulatory burden on businesses
- Potential for cronyism in the title insurance industry
- Limits on individual property rights through enforced ownership conditions