Utah Code 31A-2-403. Title and Escrow Commission created
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Terms Used In Utah Code 31A-2-403
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Affiliate: means a person who controls, is controlled by, or is under common control with, another person. See Utah Code 31A-1-301
- Agency: means :(6)(a) a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and(6)(b) an insurance organization licensed or required to be licensed under Section
31A-23a-301 ,31A-25-207 , or31A-26-209 . See Utah Code 31A-1-301- Commission: means the Title and Escrow Commission created in Section 31A-2-403. See Utah Code 31A-2-402
- Concurrence: means the entities given a concurring role must jointly agree for the action to be taken. See Utah Code 31A-2-402
- Department: means the Insurance Department. See Utah Code 31A-1-301
- Employee: means :
(57)(a) an individual employed by an employer; or(57)(b) an individual who meets the requirements of Subsection (55)(b). See Utah Code 31A-1-301- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow: means :
(64)(a)(i) a transaction that effects the sale, transfer, encumbering, or leasing of real property, when a person not a party to the transaction, and neither having nor acquiring an interest in the title, performs, in accordance with the written instructions or terms of the written agreement between the parties to the transaction, any of the following actions:(64)(a)(i)(A) the explanation, holding, or creation of a document; or(64)(a)(i)(B) the receipt, deposit, and disbursement of money; or(64)(a)(ii) a settlement or closing involving:(64)(a)(ii)(A) a mobile home;(64)(a)(ii)(B) a grazing right;(64)(a)(ii)(C) a water right; or(64)(a)(ii)(D) other personal property authorized by the commissioner. See Utah Code 31A-1-301- Filed: means that a filing is:
(69)(a)(i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order;(69)(a)(ii) received by the department within the time period provided in applicable statute, rule, or filing order; and(69)(a)(iii) accompanied by the appropriate fee in accordance with:(69)(a)(iii)(A) Section31A-3-103 ; or(69)(a)(iii)(B) rule. See Utah Code 31A-1-301- Individual: means a natural person. See Utah Code 31A-1-301
- Insurance: includes :
(96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;(96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and(96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
- Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301
- Person: includes :
(146)(a) an individual;(146)(b) a partnership;(146)(c) a corporation;(146)(d) an incorporated or unincorporated association;(146)(e) a joint stock company;(146)(f) a trust;(146)(g) a limited liability company;(146)(h) a reciprocal;(146)(i) a syndicate; or(146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301- producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
- Quorum: The number of legislators that must be present to do business.
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Title insurance: means the insuring, guaranteeing, or indemnifying of an owner of real or personal property or the holder of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to the property, or invalidity or unenforceability of any liens or encumbrances on the property. See Utah Code 31A-1-301
(1)(a) Subject to Subsection (1)(b), there is created within the department the Title and Escrow Commission that is comprised of five members who shall be, in accordance with Title 63G, Chapter 24, Part 2, Vacancies, appointed by the governor with the advice and consent of the Senate as follows:(1)(a)(i) except as provided in Subsection (1)(d), two members shall be employees of a title insurer;(1)(a)(ii) two members shall:(1)(a)(ii)(A) be employees of a Utah agency title insurance producer;(1)(a)(ii)(B) be or have been licensed under the title insurance line of authority;(1)(a)(ii)(C) as of the day on which the member is appointed, be or have been licensed with the title examination or escrow subline of authority for at least five years; and(1)(a)(ii)(D) as of the day on which the member is appointed, not be from the same county as another member appointed under this Subsection (1)(a)(ii); and(1)(a)(iii) one member shall be a member of the general public from any county in the state.(1)(b) No more than one commission member may be appointed from a single company or an affiliate or subsidiary of the company.(1)(c) No more than two commission members may be employees of an entity operating under an affiliated business arrangement, as defined in Section 31A-23a-1001.(1)(d) If the governor is unable to identify more than one individual who is an employee of a title insurer and willing to serve as a member of the commission, the commission shall include the following members in lieu of the members described in Subsection (1)(a)(i):(1)(d)(i) one member who is an employee of a title insurer; and(1)(d)(ii) one member who is an employee of a Utah agency title insurance producer.(2)(2)(a) Subject to Subsection (2)(c), a commission member shall comply with the conflict of interest provisions described in Title 63G, Chapter 24, Part 3, Conflicts of Interest, and file with the commissioner a disclosure of any position of employment or ownership interest that the commission member has with respect to a person that is subject to the jurisdiction of the commissioner.(2)(b) The disclosure statement required by this Subsection (2) shall be:(2)(b)(i) filed by no later than the day on which the person begins that person’s appointment; and(2)(b)(ii) amended when a significant change occurs in any matter required to be disclosed under this Subsection (2).(2)(c) A commission member is not required to disclose an ownership interest that the commission member has if the ownership interest is in a publicly traded company or held as part of a mutual fund, trust, or similar investment.(3)(3)(a) Except as required by Subsection (3)(b), as terms of current commission members expire, the governor shall appoint each new commission member to a four-year term ending on June 30.(3)(b) Notwithstanding the requirements of Subsection (3)(a), the governor shall, at the time of appointment, adjust the length of terms to ensure that the terms of the commission members are staggered so that approximately half of the members appointed under Subsection (1)(a)(i) and half of the members appointed under Subsection (1)(a)(ii) are appointed every two years.(3)(c) A commission member may not serve more than one consecutive term.(3)(d) When a vacancy occurs in the membership for any reason, the governor, with the advice and consent of the Senate, shall appoint a replacement for the unexpired term.(3)(e) Notwithstanding the other provisions of this Subsection (3), a commission member serves until a successor is appointed by the governor with the advice and consent of the Senate.(4) A commission member may not receive compensation or benefits for the commission member’s service, but may receive per diem and travel expenses in accordance with:(4)(a) Section 63A-3-106;(4)(b) Section 63A-3-107; and(5) Members of the commission shall annually select one commission member to serve as chair.(6)(6)(a)(6)(a)(i) Except as provided in Subsection (6)(b), the commission shall meet at least monthly.(6)(a)(ii)(6)(a)(ii)(A) The commissioner shall, with the concurrence of the chair of the commission, designate one monthly meeting per calendar year as an in-person meeting.(6)(a)(ii)(B) A commission member may, after providing advance notice to the commissioner, attend an in-person meeting through electronic means.(6)(b)(6)(b)(i) Except as provided in Subsection (6)(b)(ii), the commissioner may, with the concurrence of the chair of the commission, cancel a monthly meeting of the commission if, due to the number or nature of pending title insurance matters, the monthly meeting is not necessary.(6)(b)(ii) The commissioner may not cancel a monthly meeting designated as an in-person meeting under Subsection (6)(a)(ii)(A).(6)(c) The commissioner may call additional meetings:(6)(c)(i) at the commissioner’s discretion;(6)(c)(ii) upon the request of the chair of the commission; or(6)(c)(iii) upon the written request of three or more commission members.(6)(d)(6)(d)(i) Three commission members constitute a quorum for the transaction of business.(6)(d)(ii) The action of a majority of the commission members when a quorum is present is the action of the commission.(7) The commissioner shall staff the commission.