Minnesota Session Laws - 1991, Regular Session

  

                         Laws of Minnesota 1991 

                        CHAPTER 100-H.F.No. 178 
           An act relating to occupations and professions; 
          increasing minimum insurance coverage required for 
          abstracters; abolishing requirement of seals by 
          impression; repealing an obsolete provision; amending 
          Minnesota Statutes 1990, sections 386.66 and 386.67; 
          repealing Minnesota Statutes 1990, section 386.65, 
          subdivision 3. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1990, section 386.66, is 
amended to read: 
    386.66 [BOND OR ABSTRACTER'S LIABILITY INSURANCE POLICY.] 
    Before a license shall be issued, the applicant shall file 
with the board a bond or abstracter's liability insurance policy 
to be approved by the chair or executive secretary, running to 
the state of Minnesota in the penal sum of at least $20,000 
$100,000 conditioned for the payment by such abstracter of any 
damages that may be sustained by or accrue to any person by 
reason of or on account of any error, deficiency or mistake 
arising wrongfully or negligently in any abstract, or 
continuation thereof, or in any certificate showing ownership 
of, or interest in, or liens upon any lands in the state of 
Minnesota, whether registered or not, made by and issued by such 
abstracter, provided however, that the aggregate liability of 
the surety to all persons under such bond shall in no event 
exceed the amount of such bond.  In any county having more than 
200,000 inhabitants the bond or insurance policy required herein 
shall be in the penal sum of at least $50,000 $250,000. 
Applicants having cash or securities or deposit with the state 
of Minnesota in an amount equal to the said bond or insurance 
policy shall be exempt from furnishing the bond or an insurance 
policy herein required but shall be liable to the same extent as 
if a bond or insurance policy has been given and filed.  The 
bond or insurance policy required hereunder shall be written by 
some surety or other company authorized to do business in this 
state issuing bonds or abstracter's liability insurance policies 
and shall be issued for a period of one or more years, and 
renewed for one or more years at the date of expiration as 
principal continues in business.  The aggregate liability of 
such surety on such bond or insurance policy for all damages 
shall, in no event, exceed the sum of said bond or insurance 
policy. 
    Sec. 2.  Minnesota Statutes 1990, section 386.67, is 
amended to read: 
    386.67 [LICENSED ABSTRACTER, SEAL.] 
    A licensed abstracter furnishing abstracts of title to real 
property under the provisions hereof shall provide a seal, which 
seal shall show by impression the name of such licensed 
abstracter, and shall file with the executive secretary of the 
board an impression of or copy made by such seal and the 
signatures of persons authorized to sign certificates on 
abstracts and continuations of abstracts and certificates 
showing ownership of, or interest in, or liens upon any lands in 
the state of Minnesota, whether registered or not, issued by 
such licensed abstracter. 
    Sec. 3.  [REPEALER.] 
     Minnesota Statutes 1990, section 386.65, subdivision 3, is 
repealed. 
    Presented to the governor May 14, 1991 
    Signed by the governor May 17, 1991, 11:20 a.m.