31A-41-202 - Assessments.
31A-41-202. Assessments.
(1) Beginning January 1, 2009, a title insurance agency licensed under this title shall payan annual assessment determined by the commission by rule made in accordance with Title 63G,Chapter 3, Utah Administrative Rulemaking Act, except that the annual assessment:
(a) may not exceed $1,000; and
(b) shall be determined on the basis of title insurance premium volume.
(2) Beginning January 1, 2009, an individual who applies for a license or renewal of alicense as a title insurance producer, shall pay in addition to any other fee required by this title,an assessment not to exceed $20, as determined by the commission by rule made in accordancewith Title 63G, Chapter 3, Utah Administrative Rulemaking Act, except that if the individualholds more than one license, the total of all assessments under this Subsection (2) may notexceed $20 in a fiscal year.
(3) (a) To be licensed as a title insurance agency on or after July 1, 2008, a person shallpay to the department an assessment of $1,000 before the day on which the person is licensed asa title insurance agency.
(b) (i) By no later than July 15, 2008, the department shall assess on a title insuranceagency licensed as of June 30, 2008, an amount equal to the greater of:
(A) $1,000; or
(B) subject to Subsection (3)(b)(ii), 2% of the balance as of December 31, 2007, in thetitle insurance agency's reserve account required under Subsection 31A-23a-204(3).
(ii) The department may assess on a title insurance agency an amount less than 2% of thebalance described in Subsection (3)(b)(i)(B) if:
(A) before issuing the assessments under this Subsection (3)(b) the departmentdetermines that the total of all assessments under Subsection (3)(b)(i) will exceed $250,000;
(B) the amount assessed on the title insurance agency is not less than $1,000; and
(C) the department reduces the assessment in a proportionate amount for title insuranceagencies assessed on the basis of the 2% of the balance described in Subsection (3)(b)(i)(B).
(iii) A title insurance agency assessed under this Subsection (3)(b) shall pay theassessment by no later than August 1, 2008.
(4) The department may not assess a title insurance licensee an assessment for purposesof the fund if that assessment is not expressly provided for in this section.
Enacted by Chapter 220, 2008 General Session