CHAPTER 9. CONVERSION OR MISAPPROPRIATION OF TITLE INSURANCE ESCROW FUNDS
IC 35-43-9
Chapter 9. Conversion or Misappropriation of Title Insurance
Escrow Funds
IC 35-43-9-1
"Party" defined
Sec. 1. As used in this chapter, "party" means an individual who
is:
(1) buying;
(2) selling; or
(3) refinancing;
a dwelling in a residential real property transaction.
As added by P.L.300-1995, SEC.2.
IC 35-43-9-2
"Person" defined
Sec. 2. As used in this chapter, "person" means an individual, a
corporation, a limited liability company, a partnership, a firm, an
association, or another organization.
As added by P.L.300-1995, SEC.2.
IC 35-43-9-3
"Residential real property transaction" defined
Sec. 3. As used in this chapter, "residential real property
transaction" means the purchase, sale, or refinancing of a dwelling
that has been or will be the residence of a party in the purchase, sale,
or refinancing.
As added by P.L.300-1995, SEC.2.
IC 35-43-9-4
"Title insurance agent" defined
Sec. 4. As used in this chapter, "title insurance agent" means a
person who holds a limited lines producer's license issued under
IC 27-1-15.6-18(4) and disburses funds from a title insurance escrow
account to a party in connection with a residential real property
transaction.
As added by P.L.300-1995, SEC.2. Amended by P.L.132-2001,
SEC.25; P.L.178-2003, SEC.97.
IC 35-43-9-5
"Title insurance escrow account" defined
Sec. 5. As used in this chapter, "title insurance escrow account"
means an account in which written instruments, money, or other
items are deposited and held in escrow or trust for disbursement to
a party in connection with a residential real property transaction
upon the performance of a specified condition or the happening of a
certain event.
As added by P.L.300-1995, SEC.2.
IC 35-43-9-6
"Title insurer" defined
Sec. 6. As used in this chapter, "title insurer" means a person
holding a valid certificate of authority issued under IC 27-7-3-6.
As added by P.L.300-1995, SEC.2.
IC 35-43-9-7
Violations
Sec. 7. (a) An officer, a director, or an employee of a title insurer,
an individual associated with the title insurer as an independent
contractor, or a title insurance agent who knowingly or intentionally:
(1) converts or misappropriates money received or held in a title
insurance escrow account; or
(2) receives or conspires to receive money described in
subdivision (1);
commits a Class D felony, except as provided in subsection (b).
(b) The offense is:
(1) a Class C felony if the amount of money:
(A) converted, misappropriated, or received; or
(B) for which there is a conspiracy;
is more than ten thousand dollars ($10,000) but less than one
hundred thousand dollars ($100,000); and
(2) a Class B felony if the amount of money:
(A) converted, misappropriated, or received; or
(B) for which there is a conspiracy;
is at least one hundred thousand dollars ($100,000).
As added by P.L.300-1995, SEC.2.
IC 35-43-9-8
Notice of conviction
Sec. 8. The court shall direct the clerk of court to notify the
Indiana department of insurance about a conviction of an offense
under section 7 of this chapter.
As added by P.L.300-1995, SEC.2.
IC 35-43-9-9
Restitution
Sec. 9. In addition to any sentence or fine imposed for a
conviction of an offense in section 7 of this chapter, the court shall
order the person convicted to make restitution to the victim of the
crime pursuant to IC 35-50-5-3.
As added by P.L.300-1995, SEC.2.