Compendium of Budget Information for the 2012 General Session

Business, Economic Development, & Labor
Appropriations Subcommittee

Function

The 1998 Legislature passed House Bill 265, Title Insurance Amendments, which created Utah Code 31A-41. The law allows an assessment on title insurance companies and agencies to pay for any cost or expense incurred by the Insurance Department in the administration, investigation and enforcement of code provisions as related to the marketing of title insurance. The need to regulate the marketing of title insurance has been realized by the title insurance industry and the department. This program provides an additional qualified person who will respond to industry complaints.

Funding Detail

Funding for the Title Insurance program is used for staff support.

Sources of Finance	2008 Actual	2009 Actual	2010 Actual	2011 Actual	2012 Approp
General Fund	$5,200	$5,200	$5,200	$5,200	$3,900
Dedicated Credits Revenue	$68,100	$60,300	$70,500	$0	$0
GFR - Title Licensee Enforcement	$0	$0	$0	$75,000	$79,900
Beginning Nonlapsing	$14,400	$12,700	$12,700	$0	$0
Closing Nonlapsing	($12,700)	($12,700)	$0	$0	$0
Lapsing Balance	$0	$0	$0	($2,400)	$0
Total	$75,000	$65,500	$88,400	$77,800	$83,800

Programs:	2008 Actual	2009 Actual	2010 Actual	2011 Actual	2012 Approp
Title Insurance Program	$75,000	$65,500	$88,400	$77,800	$83,800
Total	$75,000	$65,500	$88,400	$77,800	$83,800

Categories of Expenditure	2008 Actual	2009 Actual	2010 Actual	2011 Actual	2012 Approp
Personnel Services	$65,600	$54,500	$71,400	$69,100	$72,000
In-state Travel	$3,700	$3,500	$1,400	$100	$1,500
Out-of-state Travel	$3,000	$1,800	$1,000	$700	$1,800
Current Expense	$2,500	$2,900	$2,300	$900	$3,100
DP Current Expense	$200	$2,800	$12,300	$7,000	$5,400
Total	$75,000	$65,500	$88,400	$77,800	$83,800

Other Indicators	2008 Actual	2009 Actual	2010 Actual	2011 Actual	2012 Approp
Budgeted FTE	0.0	0.0	1.0	1.0	1.0
Actual FTE	0.0	0.0	2.0	1.0	0.0

Subcommittee Table of Contents