31A-41-202. Assessments.

366 words·~2 min read·/ut/title-31a/chapter-41/31a-41-202·

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

Effective 5/6/2026

(1)An agency title insurance producer licensed under this title shall pay an annual assessment determined by the commission by rule made in accordance with Section 31A-2-404 , except that the annual assessment:

(a)may not exceed $1,000; and

(b)shall be determined on the basis of title insurance premium volume.

(2)An individual who applies for a license or renewal of a license as an individual title insurance producer, shall pay in addition to any other fee required by this title, an assessment not to exceed $20, as determined by the commission by rule made in accordance with Section 31A-2-404 , except that if the individual holds more than one license, the total of all assessments under this Subsection

(2)may not exceed $20 in a fiscal year.

(a)To be licensed as an agency title insurance producer, a person shall pay to the department an assessment of $1,000 before the day on which the person is licensed as a title insurance agency.

(i)The department shall assess on a licensed agency title insurance producer an amount equal to the greater of:

(A)$1,000; or

(B)subject to Subsection (3)(b)(ii) , 2% of the balance in the agency title insurance producer's reserve account described in Subsection 31A-23a-204(4) .

(ii)The department may assess on an agency title insurance producer an amount less than 2% of the balance described in Subsection (3)(b)(i)(B) if:

(A)before issuing the assessments under this Subsection (3)(b) the department determines that the total of all assessments under Subsection (3)(b)(i) will exceed $250,000;

(B)the amount assessed on the agency title insurance producer is not less than $1,000; and

(C)the department reduces the assessment in a proportionate amount for agency title insurance producers assessed on the basis of the 2% of the balance described in Subsection (3)(b)(i)(B) .

(iii)An agency title insurance producer assessed under this Subsection (3)(b) shall pay the assessment by no later than August 31.

(4)The department may not assess a title insurance licensee an assessment for purposes of the fund if that assessment is not expressly provided for in this section.

Amended by Chapter 45 , 2026 General Session