Section 27-25-1 Enjoining of certain acts; revocation of charter for violating same. Repealed by Act 2001-496, §12, effective October 1, 2001. (Acts 1923, No. 485, p. 635; Acts 1949, No. 168, p. 195; Acts 1971, No. 407, p. 707, §494; Act 2001-496, §1.)
Section 27-25-1.1 Short title. (a) This chapter shall be known and cited as the Alabama Title Insurance Act. (b) The purpose of this chapter is to set forth certain definitions applicable to title insurance in this state and to provide further for the supervision of the business of title insurance transacted in this state. (Act […]
Section 27-25-10 Construction of chapter. This chapter shall not be interpreted or construed as regulating or attempting to regulate the practice of law. (Act 2001-496, p. 866, §11.)
Section 27-25-2 Applicability of chapter. (a) This chapter shall apply to all title insurers and title agents engaged in the business of title insurance in this state. (b) Except as otherwise expressly provided in this chapter, except where the context otherwise requires, and except those provisions which are inconsistent with this chapter, the provisions of […]
Section 27-25-3 Definitions. For the purposes of this chapter, the following terms shall have the following meanings: (1) ABSTRACT OF TITLE. A compilation or summary of all instruments of public record of whatever kind or nature which in any manner affect title to a specified parcel of real property. (2) BUSINESS ENTITY. A domestic entity […]
Section 27-25-4 Title insurance agent; appointment; issuance of policies. (a) No person shall act as a title insurance agent in this state unless licensed pursuant to this chapter. Nothing herein contained shall be construed to prevent a title insurer licensed to do business in this state, nor an employee thereof, from issuing a policy of […]
Section 27-25-4.1 Title agent qualifications. (a) The commissioner may contract with non-governmental entities, including NAIC, to perform any ministerial functions, including the collection of fees and data, related to licensing that the commissioner may deem appropriate. The commissioner may require that license applications, license renewal applications, notices of appointments and appointment terminations, and supporting documentation […]
Section 27-25-4.2 License; license renewal; name or address change. (a) Unless denied licensure pursuant to Section 27-25-4.5, a person who meets the requirements of Sections 27-25-4.1 and 27-25-4.3 shall be issued a title insurance agent license. (b) A title insurance agent license must be initially renewed in accordance with a schedule prescribed by the commissioner […]
Section 27-25-4.3 Prelicensing course and examination. (a)(1) Every individual subject to the examination required in subsection (b) shall first complete a prelicensing course consisting of 20 classroom hours or equivalent individual instruction on the general principles of title insurance, the duties and responsibilities of a title insurance agent, and the title insurance laws and regulations […]
Section 27-25-4.4 Continuing education. (a) An individual who holds a title insurance agent license shall satisfactorily complete a minimum of 24 hours of continuing education courses as may be approved by the commissioner, of which three hours shall be in ethics, reported to the commissioner on a biennial basis in conjunction with the license renewal […]
Section 27-25-4.5 License denial, non-renewal, or revocation. (a) The commissioner may place on probation, suspend, revoke, or refuse to issue or renew the license of a title insurance agent or may levy a civil penalty pursuant to subsection (d), or any combination of these actions, for any one or more of the following causes: (1) […]
Section 27-25-4.6 Fingerprints. (a) In order to make a determination of title insurance agent license eligibility, the commissioner may require fingerprints of initial applicants for a title insurance agent license, and the fingerprints and the fee required to perform the criminal history record checks shall be submitted to the Alabama Department of Public Safety and […]
Section 27-25-4.7 Fees. (a) The Commissioner of Insurance shall collect in advance the following fees: (1) Title insurance agent licenses: a. Individuals: 1. Application fee (for filing of initial application for license) …………………………$20 2. License fee (for issuance of original license and each biennial renewal) …………………$40 b. Business entities: 1. Application fee (for filing of […]
Section 27-25-4.8 Implementation. (a) The commissioner, by rule pursuant to Chapter 2, may provide for the implementation of the requirements of this chapter. (b) Each title insurance agent certificate of authority in force prior to January 1, 2013, shall be issued a replacement title insurance agent license and appointment upon payment of the annual fee […]
Section 27-25-5 Duties of title insurer, etc. No preliminary report, commitment, binder, policy, or contract of title insurance shall be issued until and unless the title insurer or the person or agent issuing the title insurance policy on behalf of the title insurer has performed any of the following: (1) Caused to be conducted a […]
Section 27-25-6 Companies to file rates. (a) Every title insurer shall file with the commissioner its schedule of premium rates and every modification of any premium rate that it proposes to use in this state. The premium rates shall not be subject to rebate and the rebate of premiums to the insured are expressly prohibited. […]
Section 27-25-7 Notice of availability of owner’s title insurance. (a) In connection with any transaction involving the purchase or sale of a fee simple or possessory interest in real property in this state, the title insurer shall obtain or cause its agent to obtain, at or before the closing of settlement and disbursement of any […]
Section 27-25-8 Rules and regulations. The commissioner shall adopt rules and regulations for the purpose of implementing the provisions of this chapter in accordance with the Alabama Administrative Procedure Act. (Act 2001-496, p. 866, §8.)
Section 27-25-9 Violations; enforcement of chapter; penalties. (a) Each individual transaction which is in violation of this chapter or which does not otherwise conform to the requirements of this chapter shall be considered a violation. (b) This chapter shall be enforceable only by the commissioner and does not create any private cause of action or […]
