Arizona Laws 20-1585. Commissions; other considerations prohibited
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No title insurer and no title insurance agent shall pay or give to any applicant for insurance, or to any person who is acting as agent, representative, attorney or employee of the owner, lessee, or mortgagee or of the prospective owner, lessee or mortgagee of the real property or any interest therein, either directly or indirectly, any commission or any part of its fees or charges including, but not limited to, fees for escrow services performed by a title insurer or title insurance agent, or any other consideration or valuable thing, as an inducement for, or as compensation for, any title insurance business.
Terms Used In Arizona Laws 20-1585
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Title insurance: means insuring, guaranteeing or indemnifying owners of real property or others interested therein against loss or damage suffered by reason of liens, encumbrances upon, defects in or the unmarketability of the title to such property, guaranteeing, warranting or otherwise insuring the correctness of searches relating to the title to real property, or doing any business in substance equivalent to any of the foregoing. See Arizona Laws 20-1562
- Title insurance agent: means a domestic or foreign stock corporation or limited liability company authorized in writing by a title insurer to solicit insurance and collect premiums and to issue or countersign policies in its behalf, except that the term "title insurance agent" shall not include officers or salaried employees of any title insurer authorized to do a title insurance business within this state. See Arizona Laws 20-1562
- Title insurer: means any domestic company organized under the provisions of this title for the purpose of insuring titles to real property, any title insurance company organized under the laws of another state and licensed to insure titles to real estate within this state pursuant to the provisions of this article, and any domestic or foreign company having the power and authorized to insure titles to real estate within this state as of January 1, 1968 which meet the requirements of this article. See Arizona Laws 20-1562