R592-15-4. Definitions

  In addition to the definitions of Sections 31A-1-301, 31A-2-402,and 31A-19a-102, the following definitions shall apply for the purpose of this rule.

  (1) "Additional escrow services" means escrow settlement services that are rendered in excess of the escrow settlement services not specifically shown in the minimum escrow charges listed in the Schedule of Minimum Charges for Escrow Services.

  (2) "Certification" means a statement that the filing being submitted is in compliance with Utah laws and rules.

  (3) "Charge" means a dollar amount charged for a service rendered by a title insurer, agency title insurance producer, or individual title insurance producer.

  (4) "Document preparation" means the preparation or compilation of documents in connection with escrow services.

  (5) "Electronic filing" or "file electronically" means:

  (a) a filing submitted via the internet by a title insurer using the System for Electronic Rate and Forms Filings (SERFF); or

  (b) a filing submitted via an email system by an agency title insurance producer or an individual title insurance producer.

  (6) "Escrow charge" means a dollar amount charged for an escrow service shown in the Schedule of Minimum Charges for Escrow services.

  (7) "Escrow services" means those services related to settlements of real estate transactions.

  (8) "File and use" means a filing can be used, sold, or offered for sale after it has been filed with the department.

  (9) "File before use" means a filing can be used, sold, or offered for sale after it has been filed with the department, and a stated period of time has elapsed from the date filed.

  (10) "Filer" means a person or entity who submits a filing.

  (11) "Filing Objection Letter" means a letter issued by the commissioner when a review has determined the filing fails to comply with Utah law and rules. The Filing Objection Letter may, in addition to requiring correction of non-compliant items, request clarification or additional information pertaining to the filing.

  (12) "Letter of Authorization" means a letter signed by an officer of the licensee on whose behalf the filing is submitted and which designates filing authority to the filer.

  (13) "Long-term escrow" means a "For Benefit Of" (FBO) account that is for the purpose of payment collection and administration of seller-financed transactions, as described by an escrow agreement.

  (14) "Mini escrow" means an escrow settlement service conducted by an agency title insurance producer to clear a title, obtain payoffs and record necessary closing documents for a lender that performs his or her own closing service.

  (15) "Minimum escrow fee" means the minimum amount that must be charged for escrow settlement services that are rendered.

  (16) "Order to Prohibit Use" means an order issued by the commissioner that prohibits the use of a filing.

  (17) "Other settlement services" means additional services not specifically listed in the Schedule of Minimum Charges for Escrow Services.

  (18) "Rejected" means a filing is:

  (a) not submitted in accordance with Utah laws and rules;

  (b) returned to the filer by the department, with the reasons for rejection; and

  (c) not considered filed with the department.