(b) The board shall determine annually the amount necessary to carry out and enforce the provisions of this act for the next ensuing year and shall fix the license fee for such year at the sum deemed necessary for such purposes. Such fee shall accompany the application for license and shall be returned to the applicant if the license is not issued. Every license issued under the provisions of this act shall expire on December 31 of the year for which issued. In the absence of any condition or reason which might warrant the refusal of the granting of a renewal license, the board shall issue a license each year upon receipt of a written request of the applicant together with the annual fee established by the board in accordance with the provisions of this section.
(c) The board may adopt rules and regulations which authorize the issuance of inactive licenses to licensees eligible for such inactive license in accordance with the rules and regulations. The license fee for an inactive license shall be the same as the annual fee for an abstracter's license established under this section.
(d) All fees charged and collected by the board on and after July 1, 1983, and prior to the effective date of this act for the annual fee for an abstracter's license are hereby specifically authorized and validated.
History: L. 1941, ch. 348, § 2; L. 1958, ch. 55, § 1 (Budget Session); L. 1970, ch. 222, § 1; L. 1983, ch. 186, § 1; L. 1985, ch. 187, § 1; July 1.
(b) If the $25,000 liability insurance is unavailable to any applicant, the abstracters' board of examiners may issue a license to the applicant upon (1) the applicant furnishing a bond in the amount of the total of both the insurance coverage required under subsection (a) and the amount of the bond required from the applicant by the board of examiners under subsection (a). Such bond may be furnished in lieu of filing both the insurance policy and the bond required under subsection (a). The applicant shall file a copy of such bond, certified by the chairperson of the board as true and correct, with the county clerk of the county for which the bond was given. The bond shall be executed by a surety company authorized to transact business in this state; or (2) the applicant furnishing a bond signed by a sufficient surety to be approved by the board of examiners. The bond shall be in the penal sum of not less than $5,000 conditioned for payment by the applicant of any and all actual damages that may be sustained or may accrue to any person, firm, corporation or body politic by reason of or on account of any error, deficiency or mistake in any abstract or continuation thereof made and issued by the applicant. A cause of action for such damages shall not be deemed to have accrued until the error, deficiency or mistake giving rise to the cause of action first causes substantial injury or, if the fact of injury is not reasonably ascertainable until some time after the initial error, deficiency or mistake, the period of limitation shall not commence until the fact of injury becomes reasonably ascertainable to the injured party. In no event shall the period of limitation be extended more than 15 years beyond the time of the act giving rise to the cause of action.
(c) In cases where there is filed of record a right-of-way or other easement grant over or under lands for public utility or private or common carrier purposes if the title of the instrument or proceeding in condemnation granting or creating right-of-way or easement, together with a description of the character thereof, the names of the parties thereto, and index and date of recording, is shown on the abstract, it shall not be necessary to show on the abstract (1) any subsequent mortgages, deeds of trust or other encumbrances of the right-of-way or easement rights or of fixtures located thereon owned by the holder of the right-of-way or easement, or (2) any subsequent releases of such mortgages, deeds of trust or encumbrances, or (3) any documents showing the corporate character of such owner or of any mortgagee or trustee of such right-of-way or easement. It shall not be necessary to show on the abstract any privileged or confidential document or proceeding which is not open for inspection on file or of record in the district court and a failure to show such matters shall not be deemed incompleteness, imperfection or error on the part of those compiling the abstract. No abstracter shall be held liable for not showing such matters and, if the abstracter does show them, the abstracter shall not be permitted to charge compensation therefor unless express request to show any or all of such matters is made in writing to the abstracter.
(d) Any licensee doing business in more than one county shall furnish an additional bond for each county where the licensee does business to be executed, approved and filed as required by the board. Any license issued under the provisions of this act shall be in a form approved by the board except that such form shall recite that such bond has been filed and approved. No licensee, unless duly licensed to practice law, shall for hire examine and furnish an opinion on an abstract of title nor draw wills or other legal instruments not in connection with the licensee's own business, and for violation thereof, the license shall be revoked.
History: L. 1941, ch. 348, § 3; L. 1945, ch. 259, § 1; L. 1967, ch. 307, § 1; L. 1972, ch. 214, § 1; L. 1973, ch. 224, § 1; L. 1976, ch. 145, § 208; L. 1977, ch. 192, § 1; L. 1983, ch. 186, § 2; L. 1989, ch. 166, § 1; L. 2006, ch. 124, § 5; July 1.
History: L. 1941, ch. 348, § 4; Repealed, L. 1983, ch. 186, § 13; July 1.
History: L. 1941, ch. 348, § 5; L. 1983, ch. 186, § 3; July 1.
(b) If in the opinion of the board the applicant does not pass the examination, a license shall be denied, and the fee shall be retained by the board. An applicant who has failed to pass such examination may apply for and take a second examination after a period of six months has elapsed from the date of the previous examination.
(c) All examination fees charged and collected by the board on and after July 1, 1983, and prior to the effective date of this act are hereby specifically authorized and validated.
History: L. 1941, ch. 348, § 6; L. 1975, ch. 295, § 1; L. 1981, ch. 324, § 16; L. 1983, ch. 186, § 4; L. 1985, ch. 187, § 2; July 1.
History: L. 1941, ch. 348, § 7; L. 1983, ch. 186, § 5; L. 1984, ch. 313, § 83; July 1, 1985.
History: L. 1941, ch. 348, § 8; L. 1983, ch. 186, § 6; Repealed, L. 1984, ch. 313, § 157; July 1, 1985.
History: L. 1941, ch. 348, § 11; L. 1983, ch. 186, § 7; July 1.
History: L. 1941, ch. 348, § 12; L. 1983, ch. 186, § 8; July 1.
History: L. 1941, ch. 348, § 13; L. 1983, ch. 186, § 9; July 1.
History: L. 1953, ch. 298, § 1; L. 1983, ch. 186, § 10; July 1.
History: L. 1983, ch. 186, § 11; July 1.
History: L. 1983, ch. 186, § 12; July 1.