31A-23a-119. Special requirements for agency title insurance producers.

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

Effective 5/7/2025

(1)As used in this section:

(a)"Applicable percentage" means:

(i)on January 1, 2024, through December 31, 2024, 2.5%;

(ii)on January 1, 2025, through December 31, 2025, 3%;

(iii)on January 1, 2026, through December 31, 2026, 3.5%;

(iv)on January 1, 2027, through December 31, 2027, 4%; and

(v)on January 1, 2028, through December 31, 2028, 4.5%.

(b)"Sufficient capital and net worth" means:

(i)for a new title entity:

(A)$100,000 for the first five years after becoming a new agency title insurance producer; or

(B)after the first five years after becoming a new agency title insurance producer, the greater of $50,000, or on January 1 of each year, an amount equal to 5% of the title entity's average annual gross revenue over the preceding two calendar years, up to $150,000; or

(ii)for a title entity licensed before May 14, 2019:

(A)for the time period beginning on January 1, 2020, and ending on December 31, 2029, the lesser of an amount equal to the applicable percentage of the title entity's average annual gross revenue over the two calendar years immediately preceding the January 1 on which the applicable percentage applies or $150,000; and

(B)beginning on January 1, 2029, the greater of $50,000 or an amount equal to 5% of the title entity's average annual gross revenue over the preceding two calendar years, up to $150,000.

(2)Before May 1 of each year, each agency title insurance producer shall submit a report to the commissioner containing proof satisfactory to the commissioner that the agency title insurance producer had sufficient capital and net worth for the preceding calendar year.

Amended by Chapter 175 , 2025 General Session