Effective 5/12/2015
31A-41-203. Use of money.
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 violations of this chapter related to fraud by a title insurance licensee;
- (ii) conduct education and research in the field of title insurance; or
- (iii) examine a title insurance licensee’s:
- (A) escrow and trust account;
- (B) examination procedures; or
- (C) compliance with applicable statutes and rules.
- (b) The commissioner may not use more than 75% of money collected under this chapter in a fiscal year from assessments and interest for the purposes outlined in this Subsection (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:
- (3) The disclosure of an examination conducted under this section is governed by Section 31A-2-204.
Amended by Chapter 330, 2015 General Session