Section 381.400 – Definitions.

Effective – 28 Aug 1993 381.400. Definitions. — 1. As used in this section and sections 381.403 and 381.405, the following terms mean: (1) “Construction completion guaranty”, an agreement wherein a person guarantees or warrants that the improvements which are the subject of the guaranty will be completed or that the funds deposited under the […]

Section 381.403 – Title insurance companies and agents may enter into construction escrow agreements and issue insured closing letters.

Effective – 28 Aug 1993 381.403. Title insurance companies and agents may enter into construction escrow agreements and issue insured closing letters. — Licensees may: (1) Enter into construction escrow agreements as part of their services as title insurance companies or title insurance agencies; (2) Issue insured closing letters, if the licensee is a title […]

Section 381.405 – Construction and guaranty agreements not authorized for title insurance companies — title insurance against mechanic liens and insured closing letters, authorized.

Effective – 28 Aug 1993 381.405. Construction and guaranty agreements not authorized for title insurance companies — title insurance against mechanic liens and insured closing letters, authorized. — No licensee may enter or offer to enter into any: (1) Construction deposit guaranty; (2) Construction completion guaranty; (3) Contract of guaranty or suretyship wherein the licensee […]