Idaho Admin. Code r. 18.05.01.014 - DISCLOSURE BY PRODUCER OF TITLE BUSINESS
01.
Disclosure of Financial Interest . No title entity may accept any
order to issue a title commitment, guarantee, title insurance policy for, or
provide services including, but not limited to, escrow closing and foreclosure
services, to an applicant if it knows or has reason to believe that the
applicant was referred by a producer of title business, where the producer of
title business has a financial interest in the title entity to which the
business is referred unless the producer of title business has disclosed to the
applicant the financial interest of the producer of title business. The
disclosure will be made in writing and contain the items prescribed in
Subsection 014.02 of this rule.
(3-31-22)
02.
Disclosure
Provided to Applicant . The disclosure will be provided to the applicant
at the time the sale and/or purchase contract is entered into. A signed copy of
the disclosure will be maintained by the producer of title business and
provided to the title entity prior to, or simultaneously with, the placing or
the order for a title insurance commitment or guarantee or escrow closing
services. The title entity will maintain a copy of said disclosure for a
minimum period of five (5) years. The disclosure will contain the following:
(3-31-22)
a. A heading, in bold face, all
caps, type font 14 or higher that states: "NOTICE OF FINANCIAL INTEREST IN
TITLE ENTITY BY PRODUCER OF TITLE BUSINESS." (3-31-22)
b. A statement in type 12 font or higher: "We
call this interest to your attention for disclosure purposes. (Provide name of
Producer of Title Business ) has a financial interest in this title entity
(provide title entity name). This financial interest may result in a conflict
of interest in our representation of you. Accordingly, you are free to choose
any other title entity which is licensed by the Idaho Department of Insurance
in the county in which the property is located. A list of title insurers and
title agents licensed in the county in which the property is located may be
found by contacting the Idaho Department of Insurance." (3-31-22)
c. A statement that the Applicant has read
the aforementioned disclosure and chooses to have their transaction served by
the Title Entity referred by the Producer of Title Business. The disclosure
will contain the signature of all applicants along with the date the
signature(s) was accomplished. (3-31-22)
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.