Section 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.

Notes

History

(Sec. 6 ch 120 SLA 1974; am Sec. 164 ch 67 SLA 1992)