Section 21.66.310. Rebates prohibited.

   (a) A title insurer, or officer, employee, attorney, or title insurance limited producer of a title insurer, may not pay, allow, or give or offer to pay, allow, or give, directly or indirectly, as an inducement to obtaining a title insurance business, a rebate, reduction, or abatement of a rate or charge made incident to the issuance of the title insurance, a special favor or advantage, money consideration, or other inducement. A charge made incident to the issuance of the insurance is construed to include, without limitation, escrow, settlement, and closing charges.
   (b) An insured named in a title insurance policy or any other person directly or indirectly connected with the transaction involving the issuance of a title insurance policy, including, but not limited to a mortgage lender, real estate broker, builder, or attorney, or an officer, employee, agent, representative, or solicitor of a mortgage lender, real estate broker, builder, attorney, or other person, may not knowingly receive or accept, directly or indirectly, a rebate, reduction, or abatement of a charge or premium or a special favor or advantage, or a monetary consideration or inducement.
   (c) Nothing in this section prohibits
        (1) the payment of fees for services actually rendered as a result of a title insurance transaction; or
        (2) the payment of a commission to a legally appointed title insurance limited producer who issues the policy of title insurance.

Authorities

21.66.330;21.66.340

Notes

Implemented As

3 AAC 27.370

References

3 AAC 27.370
AS 21.66.330 Examination of records.
AS 21.66.340 Additional penalty for rebates.

History

(Sec. 6 ch 120 SLA 1974; am Sec. 167, 168 ch 67 SLA 1992)