Utah Administrative Code
Topic - Insurance
Title R592 - Title and Escrow Commission
Rule R592-16 - Escrow Settlement Closing Transactions
Section R592-16-2 - Purpose and Scope
Universal Citation: UT Admin Code R 592-16-2
Current through Bulletin 2024-06, March 15, 2024
(1) The purpose of this rule is to identify certain escrow practices involving two or more back-to-back sales and purchases of the same parcel of real property where funds from the final purchaser are received by the initial seller despite having no contractual privity, which the Commission finds may violate Sections 31A-23a-406 and R592-6-4.
(2) This rule applies to:
(a) a title insurance company;
(b) an agency title insurance
producer;
(c) an individual title
insurance producer; and
(d) an
employee, representative, or any other party working for or on behalf of a
title insurance company, an agency title insurance producer, or an individual
title insurance producer, whether as a fulltime or part-time employee or as an
independent contractor.
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