Title XXIV, BUSINESS AND FINANCIAL INSTITUTIONS

381.022. Title insurer, agency or agent not affiliated with a title agency may operate as an escrow, security, settlement or closing agent, when, penalty for violations. — 1. As used in sections 381.011 to 381.412, the following terms mean: (1) "Escrow", written instruments, mone…

381.023. Underwriting claims and escrow practices, review of, required when — standards for review. — 1. A title insurer shall, at least annually, conduct an on-site review of the underwriting, claims, and escrow practices of the title agency or agent with which it has a contract…

381.024. Denial of access and failure to cooperate prohibited, penalty. — 1. It is unlawful for any title agency or title agent not affiliated with an agency to unreasonably deny access or fail to cooperate with its underwriters in the title insurers' reviews of the agency's or a…

381.025. Consideration for referrals, when, penalty. — 1. As used in this section, the term "county" or "counties" includes any city not within a county. 2. Nothing in sections 381.011 to 381.412 shall be construed as prohibiting the division of premiums and charges between or am…

381.026. Recording of deeds and security instruments. — 1. The settlement agent shall present for recording all deeds and security instruments for real estate closings handled by it within five business days after completion of all conditions precedent thereto unless otherwise in…

381.029. Affiliated business — definitions — requirements — rules — violations. — 1. As used in this section, the following terms mean: (1) "Affiliate", a specific person that directly or indirectly through one or more intermediaries controls, or is controlled by, or is under com…

381.038. Retention of records required, limitation, penalty for violation. — 1. For the purposes of this section, the term "direct operations" means that portion of a title insurer's operations which are attributable to business written by a bona fide employee. 2. Records relatin…

381.042. Rules, authority, procedure. — 1. The director under the authority in section 374.045 may issue rules, regulations, and orders necessary to carry out the provisions of this chapter. 2. Any rule or portion of a rule, as that term is defined in section 536.010, that is cre…

381.045. Violations, penalties. — 1. If the director determines that a person has engaged, is engaging, or has taken a substantial step toward engaging in an act, practice, omission or course of business constituting a violation in this chapter or a rule adopted or order issued p…

381.048. Court actions authorized, when. — 1. The director may bring an action against any title insurer, title agency, title agent, or any director, officer, agent, employee, trustee, or affiliate of a title insurer, title agency, or title agent in a court of competent jurisdict…

381.052. Persons authorized to conduct title insurance business. — No person other than a domestic, foreign, or non-United States title insurer organized on the stock plan and duly licensed by the director shall transact title insurance business as an insurer in this state. ­­---…

381.055. Powers of title insurer. — Subject to the exceptions and restrictions contained in this chapter, a title insurer shall have the power to: (1) Do only title insurance business; and (2) Reinsure title insurance policies. ­­-------- (L. 2000 S.B. 894, A.L. 2007 S.B. 66) Eff…

381.058. License required for insurer to transact business of title insurance, exclusive to other types of insurance business, limitations — closing or settlement protection authorized. — 1. No insurer that transacts any class, type, or kind of business other than title insurance…

381.062. Establishment and maintenance of minimum paid-in capital and paid-in initial surplus necessary for insurance business license. — Any title insurer authorized to do an insurance business in this state shall establish and maintain a minimum paid-in capital of not less than…

381.065. Net retained liability limits, maximum amount — reinsurance allowed — waiver by director of risk, when. — 1. The net retained liability of a title insurer for a single risk in regard to real property located in this state, or in regard to a title insurance policy issued …

381.068. Investment in title plant, amount restricted, considered asset. — In determining the financial condition of a title insurer doing business under this chapter, the general investment provisions of sections 379.080 to 379.082 shall apply; except that, an investment in a ti…

381.071. Insurer's duties, policies — examination of title, determination of insurability — showing of liens against title — records kept, duration — exceptions to requirements. — 1. No title insurance policy shall be written unless and until the title insurer, title agent, or ag…

381.072. Reserve requirements, reserve to cover all known claims — unearned premium reserve, amount, actuarial certification required, supplemental reserve, amount, deadline. — 1. In determining the financial condition of a title insurer doing business under this chapter, the gen…

381.075. Additional insurance laws applicable to title insurers, insurer's supervision, rehabilitation and liquidation act, exceptions — liquidation or insolvency, treatment of security and escrow funds, filing of claims, cancellation of policies, payment of fully earned premiums…

381.085. Forms, director to approve before use — contents concerning coverage of policy, when included — disapproval by director, procedure. — 1. As used in sections 381.011 to 381.412, the terms "search", "search of the public records", or "search of title", mean a search of tho…

381.112. Premium tax, premium income defined. — For purposes of the premium tax imposed by sections 148.320 and 148.340, the "premium income received by a title insurer" shall mean the amount within the definition of "premium". ­­-------- (L. 2000 S.B. 894, A.L. 2007 S.B. 66) Eff…

381.115. Licensing required for title agencies and title agents, exceptions — delegation of title searches to third party, rules — violations, penalty. — 1. It is unlawful for any person to transact the business of title insurance unless authorized as a title insurer, title agenc…

381.118. Examination required — education requirements, exemptions — approved courses and programs — teaching credit — credits may be carried forward — extensions and waivers — certification to director of completion — nonresidents — rules — funds, depositing and use — fees for l…

381.122. Director authorized to inspect books and records. — The director may during normal business hours examine, audit and inspect any and all books and records maintained by a title insurer, title agency, or title agent under this chapter. ­­-------- (L. 2000 S.B. 894, A.L. 2…

381.161. Contract of title insurance through specific agent, agency, or insurer prohibited. — 1. No producer or other person, except the person paying the premium for the title insurance, shall require, directly or indirectly, or through any trustee, director, officer, agent, emp…

381.400. Definitions. — 1. As used in this section and sections 381.403 and 381.405, the following terms mean: (1) "Construction completion guaranty", an agreement wherein a person guarantees or warrants that the improvements which are the subject of the guaranty will be complete…

381.403. Title insurance companies and agents may enter into construction escrow agreements and issue insured closing letters. — Licensees may: (1) Enter into construction escrow agreements as part of their services as title insurance companies or title insurance agencies; (2) Is…

381.405. Construction and guaranty agreements not authorized for title insurance companies — title insurance against mechanic liens and insured closing letters, authorized. — No licensee may enter or offer to enter into any: (1) Construction deposit guaranty; (2) Construction com…

381.410. Definitions. — As used in this section and section 381.412, the following terms mean: (1) "Cashier's check", a check, however labeled, drawn on the financial institution, which is signed only by an officer or employee of such institution, is a direct obligation of such i…

381.412. Settlement agents, accepting funds, exemption — title insurer, deposit of funds — violation, fine. — 1. A settlement agent who accepts funds of more than two thousand five hundred dollars for closing a real estate transaction shall require a buyer, seller, or lender who …