Sec. 2552.153. CONTRACT WITH LICENSED ABSTRACT PLANT. (a) A title attorney may enter into a contract with a licensed abstract plant under which the abstract plant provides title evidence to the title attorney. The contract must:
(1) be on a form prescribed by the commissioner; and
(2) state the standards for the evidence to be provided.
(b) The commissioner may change the form of the contract.
(c) The parties to the contract shall determine the portion of the premium to be paid by the title attorney to the licensed abstract plant, subject to approval by the department.
(d) The department may disapprove any division of the premium that the department determines to be excessive or inadequate. The contract is considered to be approved as to the division of the premium until the parties are notified of disapproval by the department.
(e) The portion of the premium to be paid to the licensed abstract plant is considered to be in compliance with Section 2502.053(1).
(f) The parties to the contract shall file with the department a copy of the contract not later than the 10th day after the date of execution of the contract.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.
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