§ 10-125

345 words·~2 min read·/md/insurance/10-125

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§10–125.

(1)In this section the following words have the meanings indicated.

(2)“Attorney” means an individual admitted to practice law by the Supreme Court of Maryland of the State.

(i)“Law firm” means an association of attorneys in a law partnership, professional corporation, sole proprietorship, or other business entity who:

1. are primarily engaged in the practice of law; and

2. solicit, procure, or negotiate title insurance contracts only as an incident to the practice of law.

(ii)“Law firm” includes a sole practitioner.

(iii)“Law firm” does not include:

1. an attorney or an association of attorneys who own, operate, or share an interest in a title agency; or

2. an attorney who is employed by a title agency as a title insurance producer.

(i)“Title agency” means a business entity, other than a law firm, formed for the primary purpose of soliciting, procuring, or negotiating title insurance contracts and providing settlement services.

(ii)“Title agency” includes a sole proprietor, partnership, or corporation.

(b)Subject to this section, the Commissioner may issue a limited lines license to an attorney who solicits, procures, or negotiates title insurance contracts to act as a title insurance producer.

(c)All licensing provisions of this subtitle apply to:

(1)an attorney who solicits, procures, or negotiates title insurance contracts; and

(2)title agencies even if the title agency is established or owned by an attorney or an association of attorneys.

(d)Notwithstanding any other provision of this subtitle:

(i)the licensing, bonding, and examination requirements of this subtitle relating to title insurance producers do not apply to law firms; and

(ii)except as otherwise provided in paragraph

(2)of this subsection, the bonding and examination requirements of this subtitle relating to title insurance producers do not apply to attorneys.

(2)The bonding requirements of this subtitle are applicable to:

(i)an attorney or an association of attorneys who own, operate, or share an interest in a title agency; and

(ii)an attorney who is employed by a title agency as a title insurance producer.