Iowa Admin. Code r. 265-9.5 - Operation
The
(1)
Commitments, certificates, forms
and manuals. The terms, conditions, and form of commitments and
certificates shall be approved by the division board . The division may adopt
and use manuals and other forms as the division deems necessary for
implementation and administration of the title guaranty program.
a. The division will provide forms to a
participant for use in issuing commitments and certificates on behalf of the
division . A participant may not alter any form supplied by the division or use
a form supplied by another person to bind the division . In addition, the
participant shall not transfer or attempt to transfer unissued commitments or
certificates to another participant or other person unless authorized in
writing by the division .
b. If a
participant fails to comply with the requirements of this rule, in addition to
the division 's other rights and remedies, the division may refuse to allow the
participant access to any forms until the participant complies with the
requirements of this chapter to the satisfaction of the division .
c. A participant shall be liable to the
division for loss or damage sustained by the division by reason of the loss of,
misuse of, or inability of the participant to account for any form supplied by
the division , or the failure of the participant to comply with the requirements
of this rule.
(2)
Application for commitments and certificates. The division
shall make an application for commitments and certificates available at the
office of the division and on the division 's Web site.
(3)
Rates. The division
shall set the rates for certificates and closing protection letters in an
amount sufficient to permit the title guaranty program to operate on a
self-sustaining basis, including payment of administrative costs and the
maintenance of an adequate reserve against claims. In transactions involving
extraordinary risk or unusual or unique endorsements, the division may charge
additional fees.
Notes
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