Sec. 21.66.280. Title insurance limited producers, books, and records.
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Sec. 21.66.280. Title insurance limited producers, books, and records.
(a)In addition to any other requirement of this title, a title insurance limited producer licensee shall maintain books of accounts and records and vouchers pertaining to the business of title insurance in a manner that the director, or an authorized representative, may readily ascertain whether the licensee has complied with the provisions of this chapter.
(b)A title insurance limited producer licensee may engage in the business of handling escrows, settlements, and closings in connection with the business of title insurance; however,
(1)the licensee shall maintain a separate record of all receipts and disbursements of escrow funds and may not commingle the funds with personal funds or with funds held by the licensee in any other capacity;
(2)the licensee shall comply with the standards of solvency that the director requires; and
(3)the licensee shall submit financial statements that the director requires.
(c)In addition to any other penalty provided by law, if the director determines that a title insurance limited producer licensee has failed to comply with a provision of this section, the director may, after a hearing, revoke the limited producer license.