§ 23-103-414. Record retention requirements
(a) 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 their escrow operations and escrow accounts. (b) The Insurance Commissioner may prescribe the specific records and documents to be kept and the length of time for which the […]
§ 23-103-415. Rules promulgated by Insurance Commissioner
The Insurance Commissioner shall issue rules in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., to implement this subchapter.
§ 23-103-416. Penalties — Liabilities
(a) If the Insurance Commissioner determines that a title insurer, title insurance agency, title insurance agent, or any other person has violated this subchapter or any rule or order promulgated under this subchapter, the commissioner may order: (1) (A) Payment of a monetary penalty not to exceed one thousand dollars ($1,000) for each act or […]
§ 23-103-417. Access to public records
(a) A title insurance agent, a title insurance agency, and a person affiliated with a title insurance agency shall: (1) Have free access to the instruments of record affecting real property filed in any city, county, or state office; and (2) Be permitted to: (A) Occupy reasonable space, use equipment, and make memoranda, notations, and […]
§ 23-103-402. Definitions
As used in this subchapter: (1) “Closing” means the collection and disbursement of funds and title insurance premiums out of escrow in connection with a transaction involving either personal or real property, including the transfer of title or creation of a lien on the title; (2) “Closing agent” means a person that facilitates a closing; […]
§ 23-103-403. Requirement for license
(a) (1) Except as provided in subdivision (a)(2) of this section and § 23-103-404, only an appointed title insurance agency licensed under § 23-64-101 et seq. shall issue title insurance policies, reports, or otherwise transact title insurance business. (2) An appointed title insurance agency licensed under § 23-64-101 et seq. shall not issue closing protection […]
§ 23-103-401. Title
This subchapter shall be known and may be cited as the “Arkansas Title Insurance Act”.