(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.Section: Previous 21.66.240 21.66.250 21.66.260 21.66.270 21.66.280 21.66.290 21.66.300 21.66.310 21.66.330 21.66.340 21.66.350 21.66.360 21.66.370 21.66.380 21.66.390 Next
Last modified: November 15, 2016