31A-41-202. Assessments.
(1) Beginning January 1, 2009, a title insurance agency licensed under this title shall pay
an annual assessment determined by the commission by rule made in accordance with Title 63G,
Chapter 3, Utah Administrative Rulemaking Act, 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) Beginning January 1, 2009, an individual who applies for a license or renewal of a
license as a 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 Title 63G, Chapter 3, Utah Administrative Rulemaking Act, 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.
(3) (a) To be licensed as a title insurance agency on or after July 1, 2008, 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.
(b) (i) By no later than July 15, 2008, the department shall assess on a title insurance
agency licensed as of June 30, 2008, an amount equal to the greater of:
(A) $1,000; or
(B) subject to Subsection (3)(b)(ii), 2% of the balance as of December 31, 2007, in the
title insurance agency's reserve account required under Subsection 31A-23a-204(3).
(ii) The department may assess on a title insurance agency 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 title insurance agency is not less than $1,000; and
(C) the department reduces the assessment in a proportionate amount for title insurance
agencies assessed on the basis of the 2% of the balance described in Subsection (3)(b)(i)(B).
(iii) A title insurance agency assessed under this Subsection (3)(b) shall pay the
assessment by no later than August 1, 2008.
(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.
Enacted by Chapter 220, 2008 General Session
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Last revised: Thursday, May 28, 2009