627.7831 Commitments; charges; collection.—
(1) When a title insurance commitment to insure a title or risk is issued at the request of the insured or the insured’s representative, agent, or agency, a portion of the premium must be charged for the commitment when issued. The portion of the premium charged for the commitment must be credited to the premium due upon issuance of the title insurance policy.
(2) The amount charged under subsection (1) must be collected no later than the date of the closing or 12 months after the date of the commitment, whichever occurs earlier, or another date agreed to in writing at the time of issuance of the commitment.
(3) This section does not apply to a transaction involving a residential property.
History.—s. 97, ch. 92-318; s. 14, ch. 99-286.
Section: Previous 627.777 627.7773 627.7776 627.778 627.780 627.782 627.783 627.7831 627.784 627.7841 627.7842 627.7843 627.7845 627.785 627.786 NextLast modified: September 23, 2016