RESOLVED, That a house study commission be and the same is hereby created to study the practice of law as it relates to the requirement that attorneys shall be required for the evaluation of the legal rights and obligations of buyers, sellers, lenders or borrowers in a real estate transaction, including, but not limited to, representation of the buyer in examining the title and removing exceptions to the title, supervising the disbursement of funds and responding to questions and ramifications of a transaction by which title to real estate is transferred or used as security for the repayment of a debt or the performance of an obligation, with the exception of home equity lines of credit in which the lender is acting in a pro se capacity and no evaluation of exceptions to title is required.

The commission shall consist of nine (9) members:

(1) Four (4) members of the house to be appointed by the speaker, at least one (1) of whom shall be from the minority party; and

(2) Five (5) members of the public, to be appointed by the speaker.

The purpose of the commission shall be to study the practice of law as it relates to real estate closing as set out above.

Forthwith upon passage of this resolution, the members of the commission shall meet at the call of the speaker of the house and organize and shall select from among the legislators a chairperson. Vacancies in said commission shall be filled in like manner as the original appointment.

The membership of said commission shall receive no compensation for their services.

All departments and agencies of the state shall furnish such advice and information, documentary and otherwise, to said commission and its agent as is deemed necessary or desirable by the commission to facilitate the purposes of this resolution.

The speaker of the house is hereby authorized and directed to provide suitable quarters for said commission; and be it further

 

RESOLVED, That the commission shall report its findings and recommendations to the general assembly on or before January 1, 2003, and said commission shall expire on March 1, 2003.