Section 301 – Procedure for making a claim against the fund.
Effective 5/10/2016 31A-41-301. Procedure for making a claim against the fund. (1) To recover from the fund, a person shall: (a) obtain a final judgment against a title insurance licensee establishing that fraud, misrepresentation, or deceit by the licensee in a real estate transaction proximately caused economic harm to the person; and (b) apply to […]
Section 302 – Department may defend action in which title insurance licensee does not appear or defend.
Effective 5/10/2016 31A-41-302. Department may defend action in which title insurance licensee does not appear or defend. (1) In a lawsuit alleging that fraud, misrepresentation, or deceit by a title insurance licensee in a real estate transaction proximately caused economic harm, if grounds arise for the entry of a default judgment against the title insurance […]
Section 303 – Determination and amount of fund liability.
Effective 5/10/2016 31A-41-303. Determination and amount of fund liability. (1) Subject to the requirements of this part, if the department determines that a claim should be levied against the fund, the department shall enter an order that the fund pay that portion of the petitioner’s judgment that is eligible for payment from the fund. (2) […]
Section 304 – Insufficient funds to satisfy judgment.
31A-41-304. Insufficient funds to satisfy judgment. If the money in the fund is insufficient to satisfy a claim ordered to be paid under Section 31A-41-303, when sufficient money is in the fund, the department shall pay a person with an unpaid claim: (1) in the order that petitions related to unpaid claims are originally served […]
Section 305 – Department subrogated — Authority to revoke license.
31A-41-305. Department subrogated — Authority to revoke license. (1) (a) If the department makes payment from the fund, the department is subrogated to all the rights of the person who received money from the fund for the amounts paid out of the fund. (b) Any amounts recovered by the department under the subrogated rights shall […]
Section 306 – Failure to comply constitutes a waiver.
31A-41-306. Failure to comply constitutes a waiver. The failure of a person to comply with this chapter constitutes a waiver of any right provided under this chapter. Enacted by Chapter 220, 2008 General Session
Section 103 – Authority to take disciplinary action not limited.
31A-41-103. Authority to take disciplinary action not limited. (1) This chapter does not limit the authority of the commissioner or the commission to take disciplinary action against a title insurance licensee for a violation of this title or rules made by the department or commission under this title. (2) The repayment in full of obligations […]
Section 201 – Creation of Title Insurance Recovery, Education, and Research Fund.
31A-41-201. Creation of Title Insurance Recovery, Education, and Research Fund. (1) There is created an expendable special revenue fund to be known as the “Title Insurance Recovery, Education, and Research Fund.” (2) The fund shall consist of: (a) assessments on individual title insurance producers and agency title insurance producers made under this chapter; (b) amounts […]
Section 202 – Assessments.
Effective 5/10/2016 31A-41-202. Assessments. (1) An agency title insurance producer licensed under this title shall pay an annual assessment determined by the commission by rule made in accordance with Section 31A-2-404, except that the annual assessment: (a) may not exceed $1,000; and (b) shall be determined on the basis of title insurance premium volume. (2) […]
Section 203 – Use of money.
Effective 5/12/2015 31A-41-203. Use of money. (1) Money in the fund may be used to pay claims made under Part 3, Claims on Fund. (2) (a) Except as limited by Subsection (2)(b), money in the fund in excess of $250,000 may be used by the commissioner, with the consent of the commission, to: (i) investigate […]