No. 38608 (5-year Review): Rule R592-9. Title Insurance Recovery, Education, and Research Fund Assessment Rule

DAR File No.: 38608
Filed: 06/13/2014 11:12:28 AM

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

Section 31A-41-202 requires the Title and Escrow Commission to determine the assessments required from individual title insurance producers and agency title insurance producers to provide funding for the Recovery, Education, and Research Fund.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

There have been no written comments received by the department in the past five years.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

The Recovery, Education and Research Fund pays for claims related to an illegal transaction by a title licensee. Money is used to investigate violations by title licensees, conduct education and research, or to examine licensees. The fund pays for the education of staff who handle title issues. The amount to be taken from the account due to fraudulent acts of licensees can only be determined by a court of law. Without this fund, an individual who has a claim against a licensee who has defrauded, misrepresented or deceived him/her, would have no other recourse for reimbursement of his or her loss. Therefore, this rule should be continued.

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Insurance
Title and Escrow Commission
Room 3110 STATE OFFICE BLDG
450 N MAIN ST
SALT LAKE CITY, UT 84114-1201

Direct questions regarding this rule to:

• Jilene Whitby at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at [e-mail]

Effective:

06/13/2014

Authorized by:

Todd Kiser, Commissioner

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