Section 1317. Unclaimed security deposits held by the title insurance companies

 1. Any amount held or owing by a domestic  or  foreign  title
  insurer  or  by an agent or representative of such insurer as a security
  deposit, relating to the transfer or financing of real property  located
  in  this  state, made as an inducement to issue a title insurance policy
  shall  be  deemed  abandoned  property  if  unclaimed  as  of   December
  thirty-first  in  any  year  for  three  years from the date of deposit,
  unless there has been written communication from the depositor or  other
  person  entitled  thereto  to the insurer to its agent or representative
  within said three-year period.
    2. Any such property deemed abandoned as  of  the  preceding  December
  thirty-first  shall  be paid and delivered to the comptroller within the
  first ten days of March in each year, together with  a  report  of  said
  property,  including  a  listing  of depositors and lienholders, in such
  form as the comptroller may prescribe.
    3. The title insurer or  its  agent  or  representative  shall  retain
  records  of  the  names and addresses of the depositors and lienholders,
  and any records necessary to show proof of entitlement of such deposits.
    4. Notwithstanding any other provision of law  to  the  contrary,  the
  rights  of  a  depositor to payment from a title insurer or its agent or
  representative  pursuant  to  a  security  deposit  agreement  and   the
  obligations  of  such insurer its agent or representative to fulfill the
  requirements specified  in  any  such  agreement  shall  in  no  way  be
  affected,  impaired  or  enlarged  by  reason  of the provisions of this
  section or by reason of the payment or delivery to  the  comptroller  of
  abandoned  property hereunder. Claim for reimbursement may be filed with
  the comptroller by any title insurer or its agent or representative  who
  may  be  required  to  pay  or  deliver  any  abandoned  property to the
  comptroller pursuant to this section.
    5. The comptroller may require proof that the title insurer  has  made
  payment  on the underlying claim under the terms of the security deposit
  agreement and is entitled to reimbursement therefor and after audit  the
  comptroller shall pay the same.
    6.  The  comptroller  shall  not  be  liable  for  any  action  by the
  comptroller made in good faith or based upon representations made  by  a
  title insurer pursuant to this section.