(1) The commissioner shall have the same remedies available to him or her as those available to the administrator of the department of housing and urban development in the federal Real Estate Settlement Procedures Act of 1974, as amended, 12 U.S.C. sec. 2607.
(2) In addition to any other remedies available to the commissioner pursuant to this title, after notice and a hearing pursuant to section 24-4-105, C.R.S., the commissioner may assess a penalty for a violation of this article or a rule promulgated under this article. The penalty shall be the amount of remuneration improperly paid and shall be paid to the person aggrieved by the violation or apportioned among multiple aggrieved persons as determined by the commissioner.
(3) No person shall be liable for a violation of section 10-11-124 if such person proves by a preponderance of the evidence that such violation was not intentional and resulted from a bona fide error notwithstanding maintenance of procedures that are reasonably adopted to avoid such error.
Source: L. 2006: Entire section added, p. 268, � 2, effective July 1. L. 2007: (1) amended, p. 2020, � 11, effective June 1.
10-11-127. Fiduciary responsibilities of title insurance entities - definition of fiduciary funds - deceptive act or practice - rules. (1) A title insurance entity and its affiliates or subsidiaries in possession of fiduciary funds received and belonging to others shall hold those funds in a fiduciary capacity.
(2) The commissioner shall promulgate reasonable rules that are consistent with this section and are necessary or proper to:
(a) Require the segregation and accounting of fiduciary funds;
(b) Require notice to the commissioner by title insurance companies that are aware of a violation of the fiduciary fund segregation and accounting rules, and the appointment, suspension, or dismissal of title insurance agents; and
(c) Provide for the implementation and administration of this section.
(3) For the purposes of this section, fiduciary funds means any money received in conjunction with closing and settlement services other than a fee charged by the title insurance company or title insurance agent to perform the closing and settlement services for a real estate transaction.
Source: L. 2018: Entire section added, (SB 18-125), ch. 73, p. 640, � 2, effective March 29.