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Utah Administrative Code (Current through November 1, 2019) |
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R592. Insurance, Title and Escrow Commission |
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R592-5. Title Insurance Product or Service Approval for a Dual Licensed Title Licensee |
| R592-5-1. Authority |
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This rule is promulgated pursuant to Sections 31A-2-404 and 31A-2-405, which direct the Title and Escrow Commission to make rules to administer the provisions related to title insurance. |
| R592-5-2. Purpose and Scope |
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(1) The purpose of this rule is to set forth the requirements for a dual licensed title licensee to obtain: (a) approval from the insurance commissioner pursuant to Subsection 31A-2-405(2); and (b) expedited approval from the Title and Escrow Commission pursuant to Subsection 31A-2-405(3). (2) This rule applies to all title licensees and applicants for a title insurance license or renewal of a title insurance license. |
| R592-5-3. Definitions |
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For the purposes of this rule, the commissioner adopts the definitions in Sections 31A-1-301, 31A-2-402, and the following: (1)(a) "Dual licensed title licensee" has the same meaning as set forth in 31A-2-402. (b) "Dual licensed title licensee" does not mean: (i) a title licensee who holds an inactive license under 31A-2-402(3)(b)(i), (ii) and (iii); or (ii) a title licensee who holds an education provider certificate. (2) "Need for expedited approval" means a significant hardship to the buyer or seller in the transaction. (3) "Principal" means a person from whom a dual licensee has received compensation for submitting a transaction under one or more of his or her dual licenses. Examples include, but are not limited to, a mortgage company, a real estate broker, an agency title insurance producer, a builder, or a developer. (4) "Title insurance product" means the insuring, guaranteeing, or indemnifying of owners of real or personal property or the holders of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to the property, or invalidity or unenforceability of any liens or encumbrances on the property. (5) "Title insurance service" has the same meaning as the definition of "escrow" found in Subsection 31A-1-301(56). |
| R592-5-4. Filing Requirements, Processes and Procedures |
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(1) Only a dual licensed title licensee can file a request for approval for the provision of a title insurance product or service. (2) A complete filing consists of: (a) a filing fee pursuant to Section 31A-3-103; and either (b) a "Dual Licensee Request For Approval for the Provision of a Title Insurance Product or Service" form; or (c) a "Dual Licensee Request For Expedited Approval for the Provision of a Title Insurance Product or Service" form. (3) A filing to request approval of a "Dual Licensee Request for Approval for the Provision of a Title Insurance Product or Service" form must: (a) be sent electronically to the commissioner via email to pcforms.uid@utah.gov; and (b) include credit card information in the payment section of the form. (4) An expedited filing to request approval of a "Dual Licensee Request for Expedited Approval for the Provision of a Title Insurance Product or Service" form must: (a) include a completed Section 6, Reason for Requesting Expedited Approval, on the "Dual Licensee Request for Expedited Approval for the Provision of a Title Insurance Product or Service" form; (b) be sent electronically to the Chair of the Title and Escrow Commission via email to pcforms.uid@utah.gov; and (c) include credit card information in the payment section of the form. (5) Approval or disapproval will be sent to the filer via return email. |
| R592-5-5. Severability |
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If any section, term, or provision of this rule shall be adjudged invalid for any reason, such judgment shall not affect, impair or invalidate any other section, term, or provision of this rule and the remaining sections, terms, and provisions shall be and remain in full force. |
| R592-5-6. Penalties |
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A person found, after a hearing or other regulatory process, to be in violation of this rule shall be subject to penalties as provided under Sections 31A-2-308 and 31A-2-405. |
| R592-5-7. Enforcement Date |
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The commissioner will begin enforcing this rule 15 days after the rule's effective date. |