127th General Assembly, Regular Session, pt. 3 4670 (2007-2008)

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4670


                           (1127th General Assembly)
                        (Substitute House Bill Number 157)



                          AN ACT



      To  amend  sections 3953.33,  5701.11, 5739.01,  5739.02,
         5739.035, and 5747.08  of the Revised Code to require a
         box on  personal income tax returns that a taxpayer may
         check to authorize a paid tax preparer to speak to the
         Department  of Taxation about certain matters concerning
         the return, to exempt property used to provide electronic
         publishing  services from  sales and  use  taxation, to
         incorporate changes in the Internal Revenue Code since
         December  28, 2006, into Ohio's tax law, and to revise the
         date by which  title insurance agents or agencies must
         have independent reviews made of certain accounts.

Be it enacted by the General Assembly of the State of Ohio:

    SECTION   1. That   sections 3953.33,  5701.11,  5739.01,   5739.02,
5739.035, and 5747.08 of the Revised Code be amended to read as follows:
    Sec. 3953.33. (A) Every  title insurance agent or agency that handles
escrow,  settlement, closing, or security deposit accounts shall have an
annual independent  review made   of its escrow, settlement, closing, and
security deposit accounts of a fiseal year basis within ninety days aftcr the
elcse ef the prcvies fiseal year each year on or before the thirty-first day of
December  for the twelve-month period ending the preceding thirty-first day
of August. The  title insurance agent or agency shall provide proof of the
annual  review to each  title insurance company  that it represents. The
superintendent of insurance shall promulgate rules under Chapter 119. of the
Revised Code  setting forth the minimum threshold level at which a review is
required, the standards of the review, the minimum  qualifications of the
independent party conducting the review, and the form of the report that is
required. The superintendent may   also require title insurance agents or
agencies  to provide  a  copy  of  their annual  review  reports to  the
superintendent. The annual review required by this division does not apply
to interest on lawyer's trust accounts established and maintained by an

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