Title Insurance Entity Fiduciary Duties
Concerning fiduciary responsibilities of title insurance entities to protect funds held in conjunction with real estate closing settlement services.
2018 Regular Session
Title insurance - fiduciary funds - rule-making authority. The act specifies that a title insurance entity and its affiliates and subsidiaries hold funds belonging to others in a fiduciary capacity. Fiduciary funds include all funds received in conjunction with a real estate closing except for closing and settlement service fees. The commissioner of insurance shall promulgate rules regarding the handling of fiduciary funds.
(Note: This summary applies to this bill as enacted.)