31A-41-203. Use of money.
159 words·~1 min read·
/ut/title-31a/chapter-41/31a-41-203A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/12/2015
31A-41-203. Use of money.
(1)Money in the fund may be used to pay claims made under Part 3, Claims on Fund .
(a)Except as limited by Subsection (2)(b) , money in the fund in excess of $250,000 may be used by the commissioner, with the consent of the commission, to:
(i)investigate violations of this chapter related to fraud by a title insurance licensee;
(ii)conduct education and research in the field of title insurance; or
(iii)examine a title insurance licensee's:
(A)escrow and trust account;
(B)examination procedures; or
(C)compliance with applicable statutes and rules.
(b)The commissioner may not use more than 75% of money collected under this chapter in a fiscal year from assessments and interest for the purposes outlined in this Subsection
(2).
(3)The disclosure of an examination conducted under this section is governed by Section 31A-2-204 .
Amended by Chapter 330 , 2015 General Session