Minnesota Session Laws - 1993, Regular Session

  
    Laws of Minnesota 1993 

                        CHAPTER 77-H.F.No. 1525 
           An act relating to occupations and professions; 
          abstracters; providing for certain applicants to be 
          exempt from the bond and liability insurance 
          requirement; amending Minnesota Statutes 1992, section 
          386.66.  
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1992, 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 $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 $250,000.  Applicants that are 
title insurance companies regulated by chapter 68A and licensed 
pursuant to sections 60A.02 and 60A.06, subdivision 1, clause 
(7), and their employees or those 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. 
    Presented to the governor April 30, 1993 
    Signed by the governor May 3, 1993, 4:37 p.m.