Current through Register Vol. 49, No. 9, September, 2024
SECTION
1.
PURPOSE
The purpose of this Rule is to implement Act 684 of 2007 (the
"Arkansas Title Insurance Act"), as amended by Act 1190 of 2009, and to set the
standards and guidelines for applicants seeking Title Insurance Agent and
Agency licenses in the State of Arkansas.
SECTION 2.
AUTHORITY
The authority for this Rule is power given to the Insurance
Commissioner for the State of Arkansas by Act 684 of 2007 (the "Arkansas Title
Insurance Act"), as amended by Act 1190 of 2009, and other applicable
laws.
SECTION 3.
APPLICABILITY AND SCOPE
A. This
Rule shall apply to all applicants seeking a title insurance agent or agency
license under the Arkansas Title Insurance Act, Ark. Code Ann. §§
23-103-401,
et seq.
B. This
Rule shall apply to title insurance agents or agencies previously licensed
pursuant to the repealed Arkansas Title Insurance Agents' Licensing Act,
§§ 23-103- 101, et seq., who continue to meet all
the residency and other requirements of the Arkansas Title Insurance Act and
this Rule, effective January 1, 2008.
C. This Rule shall apply to title insurers,
title insurance agents, and title insurance agencies.
D. The following are exempt from this Rule:
(1) In accordance with Ark. Code Ann. §
23-103-402(11)(B),
an individual employed by a licensee under the Arkansas Title Insurance Act who
does not sell or negotiate title insurance, but performs marketing duties under
the supervision of a title agent;
(2) In accordance with Ark. Code Ann. §
23-103-402(11)(B),
an individual employed by a resident licensee under the Arkansas Title
Insurance Act who is a closing agent and does not solicit, sell, or negotiate
title insurance; and
(3) Those not
required to have a license under the Arkansas Title Insurance Act.
SECTION 4.
DEFINITIONS
As used in this Rule,
1.
"Commissioner" shall mean the Insurance Commissioner of the State of
Arkansas.
2. "Department" shall
mean the Arkansas Insurance Department.
3. "Rule" shall mean the rules promulgated by
the Arkansas Insurance Department unless the context requires
otherwise.
4. "Title Insurance
Agency" shall mean a person that has an agency contract under Ark. Code Ann.
§
23-103-407 with
a title insurer.
(a) "Person" shall mean an
individual or any partnership, association, cooperative, corporation, firm,
trust, limited liability company, or other legal entity.
(b) Every title insurance agency must be
based in Arkansas and have a qualified or active title insurance agent
affiliated with the title insurance agency.
5. "Title Insurance Agent" shall mean an
individual affiliated with a title insurance agency who is authorized on behalf
of a title insurer to issue a title insurance report or title insurance policy
and participates in the solicitation, negotiation or sale of title insurance,
including a licensed Arkansas resident or a licensed nonresident employed by a
resident licensee, under the Title Insurance Act, codified at Ark. Code Ann.
§§
23-103-401,
etseq.
(a) "Authorized"
shall mean that the agent holds an appointment with the title
insurer.
(b) The term "insurance
producer" includes title insurance agents for purposes of the Producer
Licensing Model Act, codified at Ark. Code Ann. §§
23-64-501,
etseq.
6. "Title insurance policy" means a contract,
including any coverage, enhancements to coverage, or endorsements, insuring or
indemnifying owners of, or other persons lawfully interested in, personal or
real property against loss or damage arising from any or all of the following
conditions existing on, before, or subsequent to the policy date and not
specifically excepted or excluded:
(a)
Defects in or liens or encumbrances on the insured title;
(b) Unmarketability of the insured
title;
(c) Invalidity or
unenforceability of liens or encumbrances on the insured title of the personal
or real property;
(d) Title being
vested other than as stated in the policy;
(e) Lack of a legal right of access to the
land that is part of the insured title in a policy relating to real
property;
(f) Lack of priority of
the lien of any insured mortgage over any statutory lien for services, labor,
or materials as specifically described in the policy;
(g) Invalidity or unenforceability of any
assignment of an insured mortgage subject to certain conditions; or
(h) The priority of any lien or encumbrance
over the lien of the insured mortgage.
7. "Title Insurer" shall mean a company
authorized under the laws of this state to transact title insurance
business.
SECTION 5.
LICENSE QUALIFICATIONS
A.
ELIGIBILITY
(1) The license applicant must be
at least eighteen (18) years of age or if not of legal age, minority rights
must be removed by a court order and a copy of the court order must be
forwarded along with the application and fees.
(2) The applicant must be a resident of the
State of Arkansas or a nonresident employed by a resident licensee.
(a) A "resident title insurance agent" is an
agent whose residence is in or who may vote in this state or who is licensed as
a resident insurance producer by the Commissioner in accordance with
§§
23-64-501,
et seq.
(b)
Residency by a title insurance agency must be demonstrated by a place of
business accessible to the public wherein the licensee principally conducts
transactions.
(c) A nonresident
individual may be eligible for licensure if he/she is employed by a resident
title insurance agency and meets the other eligibility requirements of this
Section.
(3) The
applicant must be deemed by the Commissioner to be competent, trustworthy,
financially responsible, and of good personal and business
reputation.
(4) The applicant must
have two thousand (2000) hours of prior title work experience and must submit a
notarized affidavit from applicant's current or prior employer attesting to
same.
(a) If unable to obtain verification
from a prior employer, the applicant may request a waiver from the
Commissioner. The request must specify the grounds to be relied upon as a basis
for the waiver.
(b) The
Commissioner may hold a hearing to determine whether a waiver may be
granted.
(5) The
applicant must pass a written examination demonstrating competence to act as a
title insurance agent. The Commissioner may give, conduct, and grade all
examinations, or may arrange to have examinations administered and graded by an
independent testing service, in a fair and impartial manner, and without unfair
discrimination as between individuals examined. An oral or other type
examination may for good cause be substituted for a written examination of the
applicant on his/her written request, and if deemed necessary by any applicable
laws, including but not limited to The Americans with Disabilities Act (ADA).
The Commissioner shall require a waiting period of thirty (30) days before
reexamination of an applicant.
(6)
The applicant for the title insurance license or renewal license shall be
required to annually complete continuing education hours as established in
Section 6 of this Rule.
(7) The
applicant shall be subject to a criminal background check as part of the
application process.
B.
APPLICATION
(1) Each applicant for the title
insurance agent's license shall complete and submit the written application
form, in format prescribed by or acceptable to the Commissioner, accompanied by
required notarized affidavit confirming title work experience of the applicant,
and accompanied by the requisite fees established by a separate Rule. Such fees
shall be payable to "The State Insurance Department Trust Fund," and are
nonrefundable.
(2) Each applicant
must complete an Arkansas State Police Individual Record Check Form (ASP-122)
using the applicant's full name and attach it to the Department's application
for exam permit. The form must be signed and notarized by an Arkansas Notary
Public. Such fees shall be payable to "The State Insurance Department Trust
Fund" and must be attached to the form. Payment for the ASP-122 cannot be in
the form of a personal check.
C. LICENSE ISSUANCE AND ANNUAL RENEWAL
(1) The Commissioner may issue the license
for title insurance agents to individuals meeting all applicable qualifications
of this Rule, including successful examinations and payment of proper fees. The
Commissioner shall issue a license on a form prescribed to the title insurance
agent upon successful completion of these requirements by the applicant. The
term of the title insurance agent license shall be one year. Within one year
from issuance date, the license shall be renewable on or before the licensee's
birthday, and annually on the birthday thereafter. For an agency license, the
renewal date will be a date certain.
(2) The title insurance agent shall remit the
annual renewal fee and Rule 57 Administrative and Regulatory Fee ("ARF"), as
required in Act 1004 of 1997, on or before the licensee's renewal date, under
Section 7 of this Rule, to the Department made payable to "The State Insurance
Department Trust Fund".
D. LICENSE CONTINUATION
(1) Licenses of individual persons granted
title insurance agent licenses prior to the effective date of this Rule shall
continue in full force and effect, but subject to the provisions of this Rule,
including applicable residency requirements, and without the necessity to
requalify hereunder except as to the effect or impact of licensing provisions
as to felons under Arkansas Act 217 of 1997, codified as Ark. Code Ann.
§§
23-66-501,
et seq. Current licensees shall be subject to a criminal
background check.
(2) A title
insurance agent who allows his or her license to lapse may reinstate the same
license within twelve (12) months after the due date of the renewal fee without
the necessity of passing a written examination. However, a penalty in the
amount of double the unpaid renewal fee shall be required for any renewal fee
received after the due date.
(3) A
licensed title insurance agent who is unable to comply with license renewal
procedures due to military service or some other extenuating circumstance may
request a waiver of those procedures. The request must specify the grounds to
be relied upon as a basis for the waiver.
E. LAWS APPLICABLE. Except where they
conflict with the Arkansas Title Insurance Act or this Rule, title insurance
agents will also be subject to the applicable provisions of the Insurance Code,
Ark. Code Ann. §§
23-64-101,
et seq., and other Department Rules pertaining to insurance
producers.
SECTION 6.
CONTINUING EDUCATION
A. Number
of Course Hours
Upon the effective date of this Rule, any non-exempt persons
licensed as title insurance agents shall, annually on or before their
birthdays, complete those courses of continuing education instruction approved
by the Commissioner and equivalent to a total of six (6) hours of instruction
which must include one (1) hour of ethics.
B. Exemption Period
Newly licensed title insurance agents must be licensed for one
(1) full year prior to renewal of the license before continuing education
requirements are imposed. Example: If a new title insurance agent becomes
licensed in June of 2010, and the expiration of the license is February 2,
2011, the producer must pay the renewal fee, but continuing education is not
due until February 2, 2012, because the exemption period of one (1) year has
not been reached prior to the 201 l_expiration date.
C. Penalties
Upon failure of any title insurance agent to comply with Ark.
Code Ann. §§
23-64-301,
et seq., the Commissioner shall take the steps enumerated in
Ark. Code Ann. §
23-64-304(d)
against such individual's license. Failure to comply with this Rule may result
in imposition of penalties contained in Ark. Code Ann. §
23-64-216,
as amended, or other applicable laws or rules.
D. Course Approval and Valuation
(1) Subject to submission and approval of the
Commissioner, the courses or programs of instruction successfully completed
which shall be deemed to meet the Commissioner's standards for title continuing
education requirements and meeting the continuing education requirements of
Rule 50 are:
(a) Any title insurance related
course approved by the Commissioner and offered by an accredited college or
university;
(b) Any course or
program of instruction, seminar, or meeting sponsored by any authorized
insurer, recognized title insurance agent association, insurance trade
association, or any independent program of instruction;
(c) Subject to approval by the Commissioner,
the active annual membership of the licensed title producer in local, regional,
state, or national professional insurance organizations or associations may be
approved for up to two (2) annual hours of instruction. These hours shall be
credited upon timely filing with the Commissioner by roster from the member
organization or association;
(d)
Any title insurance correspondence course with a proctored exam which meets the
standards of a correspondence course established in Rule 50; and
(e) Any part of the study for an industry
recognized professional designation for title insurance
professionals.
(2)
Course Hour Valuation
The Commissioner shall assign the number of continuing education
hours for which approved courses qualify based on standards established in Rule
50.
SECTION
7.
FEES
Fees shall be established by a separate Rule.
SECTION 8.
REVOCATION AND SUSPENSION OF
LICENSE
A. The Commissioner may
suspend or revoke upon notice and a hearing, or non-renew or refuse to continue
without notice and a hearing the license of any title insurance agent who has
failed to comply with the license continuation provisions of this Rule and Ark.
Code Ann. §§
23-64-301,
et seq., including failure of the title insurance agent to
remit or timely remit the annual fees to the Commissioner. Alternatively the
Commissioner may, in his discretion, impose a monetary penalty in the amounts
contained in Ark. Code Ann. §
23-64-304.
B. The Commissioner may suspend, revoke, or
non-renew or refuse to continue the license of any title insurance agent who is
in violation of or noncompliance with the provisions of the Unfair Trade
Practices laws of the State under Ark. Code Ann. §§
23-66-201, et seq.,
and §§
23-66-301,
et seq., or with the license provisions under Ark. Code Ann.
§§
23-64-101,
etseq.,
§§
23-64-501,
etseq., particularly §
23-64-512
or is in violation of the laws of the State of Arkansas, the Insurance Code, or
Insurance Department Rules.
C.
Administrative proceedings under this Rule shall be conducted under the
Administrative Procedure Act, Ark. Code Ann. §§
25-15-201,
et seq., as applicable, or under the provisions of the
Insurance Code under Ark. Code Ann. §§
23-61-301,
etseq.
D. Upon any
revocation, suspension, cancellation, expiration or lapse, the title insurance
agent license shall be returned to the Department as the property of the State
of Arkansas.
SECTION 9.
TITLE INSURANCE AGENT RESTRICTIONS
A licensed title insurance agent is not allowed to:
1. Bind reinsurance on behalf of the title
insurer;
2. Permit any of its
directors, officers, controlling shareholders, or employees to serve on the
title insurers' board of directors if the title insurance agent wrote five
percent (5%) or more of the direct premiums of the title insurer written in the
previous calendar year as shown on the title insurer's most recent annual
statement filed with the Commissioner, unless the title insurer and title
insurance agent are under common control or ownership;
3. Jointly employ an individual who is
employed with the title insurer unless the title insurer and the title
insurance agent are under common control or ownership;
4. Issue a title insurance report or policy
insuring the interest of an insured in real property in this state unless the
title insurance agent is properly licensed and the title insurance report or
policy is signed by a properly licensed title insurance agent; or
5. Provide legal advice concerning the status
of title to the property described in the title commitment, unless the title
insurance agent is a licensed Arkansas attorney. Complaints alleging
unauthorized practice of law will be referred to the Office of the Arkansas
Supreme Court Committee on Professional Conduct.
SECTION 10.
TITLE INSURANCE
POLICIES
A. No title insurance policy
or application form when written application is required and is to be made part
of the policy shall be issued, delivered, or used as to a subject of insurance
located in this state unless the form has been filed by the title insurer with
and approved by the Insurance Commissioner in accordance with Ark. Code Ann.
§
23-79-109.
B. Every title insurance report or policy
shall be executed in the name of and on behalf of the title insurer by its
officer, attorney-in-fact, or employee, and countersigned by a licensed title
insurance agent affiliated with a licensed title insurance agency and
authorized by the insurer.
C. A
facsimile or electronic signature of any executing individual may be used in
lieu of an original signature.
D.
The license number of the title insurance agent countersigning a title
insurance report or policy shall be printed or legibly written beneath the
title insurance agent's signature.
E. The printed names and license numbers of
the title insurance agency and the affiliated title insurance agent authorized
to issue the report or policy on behalf of the title insurer shall appear on
all reports and policies issued by the title insurance agency.
F. Any title insurance policy issued and
otherwise valid which contains any condition or provision not in compliance
with the requirements of the Insurance Code shall not be rendered invalid, but
shall be construed and applied with such conditions and provisions as would
have applied had the policy been in full compliance with the Insurance
Code.
G. The review, approval,
disapproval and withdrawal of any prior approval by the Commissioner of any
title insurance policy form shall be done in accordance with Ark. Code Ann.
§
23-79-109,
Ark. Code Ann. §
23-79-110,
and Ark. Code Ann. §§
23-61-301
et seq.
SECTION
11.
INVENTORY MAINTENANCE
A. The title insurer and the title insurance
agency shall each maintain an inventory of all numbered policy forms or policy
numbers assigned to the title insurance agency by the title insurer.
B. If title insurance policies are generated
electronically by the title insurer, the title insurer shall maintain the
inventory of policy numbers assigned to the title insurance agency.
SECTION 12.
AUDIT
A. Minimum Requirements
(1) At least one (1) time each year, a title
insurer shall conduct an on-site audit of its appointees' escrow accounts,
security arrangements, files, underwriting and claims practices, closing
protection letters, and policy inventory of the title insurance agencies which
it has authorized to issue title insurance reports or policies on its
behalf.
(2) If the title insurance
agency fails to maintain separate escrow or trust accounts for each title
insurer it represents, the title insurer shall verify that the funds related to
closings in which the title insurer's policies are issued are reasonably
ascertainable from the books of account and records of the title insurance
agency.
B. A combined
audit must encompass the activities of all affiliates to which title insurance
agents or title insurance agencies are appointed.
SECTION 13.
RECORD RETENTION
The title insurer and the title insurance agency shall maintain
sufficient records of their affairs, including evidence of underwriting title,
determination of insurability and records of its escrow operations and escrow
accounts for a period of time no less than seven (7) years.
SECTION 14.
SETTLEMENT OR CLOSING
PROTECTION
A. The title insurance
agency, on behalf of the title insurer, shall offer settlement or closing
protection coverage to the parties and shall obtain their election in
writing.
B. Settlement or Closing
Protection Letters shall, if requested by a party to a closing handled by the
title insurance agency, be issued to the requesting party for a charge payable
solely to the insurer and may indemnify against loss of settlement funds that
occur in connection with the closing, including theft of settlement funds and
failure to comply with written closing instructions. Nothing herein limits or
restricts title insurers from offering greater coverage.
C. The form and amount charged by a title
insurer for settlement or closing protection coverage shall be filed with the
Commissioner at least twenty (20) days before the first use of settlement or
closing protection coverage in the market in accordance with Ark. Code Ann.
§
23-103-405(c)(4).
D. Every Settlement or Closing Protection
letter shall include, at a minimum, the following provisions, coverages and
exclusions:
(1) The parties to be afforded
protection along with a brief description of their relationship to the
transaction covered;
(2) A
description of the transaction for which the letter is being issued;
(3) Provide coverage for the theft or
misappropriation of closing funds or for the failure of the title insurance
agent or any title insurance agency conducting a closing of the transaction to
comply with any written closing instructions to the extent that they relate to:
(a) The status of the title to said interest
in land or the validity, enforceability and priority of any lien of a mortgage
on this interest in land, including obtaining any documents or the disbursement
of funds necessary to establish such status of title or lien;
(b) Obtaining any other document,
specifically required by any party to the transaction, but only to the extent
the failure to obtain such other document affects the status of the title to
said interest in land or the validity, enforceability and priority of the lien
of any mortgage on the interest in land; or
(c) Fraud in handling of any documents in
connection with such closings to the extent such fraud relates to the status of
the title to said interest in land or to the validity, enforceability, and
priority of the lien of any mortgage on the interest in land.
(4) A provision that if the letter
is issued at the request of a lender that its assignees, successors, assigns,
debtors, and warehouse lenders shall be protected as if the letter were
requested by and directed to them by the title insurer;
(5) A provision allowing the title insurer to
be subrogated to all rights and remedies which a party recovering under the
letter would have had against any person or property had the party not been so
reimbursed. The liability of the title insurer for any amounts paid to a party
shall be reduced to the extent that the party has knowingly and voluntarily
impaired the value of such right of subrogation;
(6) A provision allowing the title insurer
the ability to recover from the party asserting a claim under the letter for
any reimbursement such party received for which the insurer has previously paid
the party under the letter. The liability of the title insurer for any amounts
paid to a party shall be reduced to the extent that the party has knowingly and
voluntarily impaired the value of such right to such reimbursement;
(7) A provision providing any liability of
the title insurer for loss incurred by a party in connection with the closing
of the transaction by a title insurance agent, agency, or person closing the
transaction, may be limited to the protection provided by the letter, but shall
not affect the protection afforded by a title insurance binder, commitment or
policy of the title insurer;
(8)
That claims under the letter shall be made promptly to the title insurer at its
principal office as set forth in the letter. When the failure to give prompt
notice shall diminish the amount the title insurer could have recovered in the
absence of the delay, the liability of the title insurer hereunder may be
reduced to the extent of such diminution;
(9) Provide the state or states to which the
coverage afforded by the letter applies; and
(10) May contain one or more of the following
exclusions which will relieve the title insurer issuing the letter from
liability there under:
(a) Failure of the
title insurance agent, agency, or person closing the transaction, to comply
with any closing instructions which require title insurance protection
inconsistent with that set forth in the title insurance binder or commitment
issued by the title insurer. Instructions which require the removal of specific
exceptions to title or compliance with the requirements contained in said
binder or commitment shall not be deemed to be inconsistent;
(b) Loss or impairment of any funds in the
course of collection or while on deposit with a bank due to bank failure,
insolvency or suspension, except such as shall result from failure of the title
insurance agent, agency, or person closing the transaction, to comply with any
written closing instructions to deposit the funds in a bank which you
designated by name;
(c) Mechanics'
and materialmen's liens in connection with the transaction, except to the
extent that protection against such liens are afforded by a title insurance
binder, commitment or policy of the title insurer;
(d) Failure of the title insurance agent,
agency, or person closing the transaction, to comply with any written closing
instructions to the extent such instructions require a determination by the
title insurance agent, agency, or person closing the transaction, of the
validity enforceability or effectiveness of any document contemplated under
Subsection D (3)(b) above;
(e) A
settlement or release of any claim without the written consent of the title
insurer;
(f) Any matters created,
suffered, assumed or agreed to by, or known by any party to the transaction;
or
(g) Any exclusion approved by
the Insurance Commissioner.
SECTION 15.
MINIMUM SEARCH
REQUIREMENTS
A. The title insurance
report or policy shall be based upon a search of the title from the evidence
prepared from a title plant or from the records of the clerk or the ex-officio
recorder of the land records of the county that maintains records relating to
real estate. No title insurance policy shall be issued until the title insurer
or title insurance agent has caused to be made a determination of insurability
of title in accordance with the title insurer's underwriting
practices.
B. The search must
include a review of all matters affecting title to the property or interest for
a continuous period of no less than the preceding thirty years (30).
C. Evidence upon which the search is based
may include:
(1) Any policy upon which the
title insurance agent is willing to rely, subject to a determination of
insurability of title in accordance with the title insurer's underwriting
practices;
(2) Abstracts of
title;
(3) Title plant
records;
(4) County records of the
ex-officio recorder; or
(5) Any
combination thereof that cover a continuous period of no less than the
immediately preceding thirty (30) years.
SECTION 16.
DUTIES OF TITLE
INSURERS
A. The title insurer shall
not accept business from a title insurance agency unless there is in force a
written contract between the parties which sets forth the responsibilities of
each party and, where both parties share responsibility for a particular
function, specifies the division of responsibilities.
B. The title insurer shall, at least
annually, conduct an on-site audit of its appointees' underwriting, claims and
escrow practices, which shall include a review of the title insurance agency's
policy blank inventory and processing operations.
(1) If the title insurance agency does not
maintain separate bank or trust accounts for each title insurer it represents,
the title insurer shall verify that the funds held on its behalf are reasonably
ascertainable from the books of account and records of the title insurance
agent.
(2) A combined audit must
encompass the activities of all affiliates to which title insurance agents or
title insurance agencies are appointed.
C. Within thirty (30) days of executing or
terminating a contract with a title insurance agency, the title insurer shall
provide written notification of the appointment or termination and the reason
for termination to the Commissioner. Notices of appointment of a title
insurance agency shall be made on a form promulgated by the
Commissioner.
D. A title insurer
shall not appoint to its board of directors an officer, director, employee or
controlling shareholder or any title insurance agent who wrote five percent
(5%) or more of the title insurer's direct premiums written during the previous
calendar year as shown on the title insurer's most recent annual statement on
file with the Commissioner. This subsection shall not apply to relationships
governed by §§
23-63-501,
etseq.
E. The
title insurer shall maintain an inventory of all policy forms or policy numbers
allocated to each title insurance agency.
F. The title insurer shall have on file proof
that the title insurance agency and its affiliated title insurance agent(s) are
licensed by this state.
G. The
title insurer shall establish the underwriting guidelines and, where
applicable, limitations on title claims settlement authority to be incorporated
into contracts with its title insurance agencies.
SECTION 17.
PREMIUM FOR PURPOSES OF
DETERMINING THE PROPER PREMIUM TAX DUE FROM TITLE INSURERS
A. Section
23-67-203
prohibits the Commissioner from requiring that rates or premiums related to the
sale of title insurance be filed by either a title insurer or title insurance
agent or otherwise being subject to review, except for the requirement under
Ark. Code Ann. §
23-103-405(c),
regarding informational filings respecting the fees charged for closing
protection letters. Title insurance premium, as defined by Ark. Code Ann.
§
23-103-402(14),
only applies when determining the appropriate amount of premium tax due and not
to the premiums, charges or fees charged by title insurance agents to the
consumer.
B. For the sole purpose
of determining the correct amount of premium tax due the State of Arkansas from
an insurance company licensed to write title insurance, "Title insurance
premium" means the funds paid to the title insurer as consideration for the
amount of liability that is assumed by the title insurer under the title
insurance policy.
C. Title
insurance premium does not include the underwriting and operating expenses of
the title insurance agent that may be charged to the consumer in excess of this
risk retained by the insurer regardless of how denominated by the title
insurance agent. Examples of charges that are not title insurance premiums are:
(1) Title search, abstracting, or examination
of title;
(2) Obtaining a title
opinion;
(3) Document preparation
fees;
(4) Escrow or closing
fees;
(5) Notary fees;
(6) Fees incurred to cure defects in
title;
(7) Tax report or tax
certification fees;
(8) Title
report fees;
(9) Processing
fees;
(10) Courier fees;
and
(11) Fees incident to the
issuance of a title insurance report or policy;
SECTION 18.
SEVERABILITY
Any section or provision of this Rule held by a court to be
invalid or unconstitutional shall not affect the validity of any other section
or provision of this Rule.
SECTION
19. EFFECTIVE DATE
The effective date of this Rule shall be the date on which it is
signed by the Commissioner.