The Texas Land Title Association (“TLTA”) petitions the ...
The Texas Land Title Association (“TLTA”) petitions the Commissioner of Insurance to amend Procedural Rule P-70(b) to read as follows:
P-70. Cancellation Fees; Fees for Services Rendered
(a) A cancellation fee is defined as a fee charged by a title insurance agent, direct operation, title insurance company, or escrow officer, hereinafter “licensee” to a person or entity who is not a licensee for work done by the licensee in connection with a bona fide order for title insurance which fails to close or for which a policy is not issued. Cancellation fees are prohibited.
(b) As long as an agreement complied complies with Procedural Rule P-24 with respect to transactions that close and a policy is issued, title insurance agents and direct operations may agree in writing to a fee for furnishing title evidence and examination that is a set amount of money instead of a percentage of the title insurance premium to be paid if the order for title insurance does not close and a policy is not issued. Payment under this subsection shall not be considered a cancellation fee and the payment, charge, or fee shall not be passed on or charged to the consumer.
(c) A refusal to agree to set a fee under this rule shall not be considered a refusal to provide title evidence under Procedural Rule P-24 or P-25.
JUSTIFICATION
This agenda item corrects a typographical error in the Basic Manual.
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