Section 724. Agents; Defined.--(a) A title insurance agent means an authorized person, firm, association, corporation, partnership or other legal entity, other than a bona fide employe of the title insurer, who on behalf of the title insurer performs the following acts, in conjunction with the issuance of a title insurance report or policy:
(1) determines insurability and issues title insurance reports or policies, or both, based upon the performance or review of a search, or an abstract of title; and
(2) performs one or more of the following functions:
(i) collects or disburses premiums, escrow or security deposits or other funds;
(ii) handles escrow, settlements or closings;
(iii) solicits or negotiates title insurance business; or
(iv) records closing documents.
The word "agent" shall not include approved attorneys, nor shall it include officers and salaried employes of any title insurance company authorized to do a title insurance business within this Commonwealth. ((b) designation amended and first sentence deleted by amendment July 10, 2002, P.L.749, No.110)
(724 amended Dec. 21, 1995, P.L.714, No.79)