Kansas Statutes 40-1138. Same; agent record requirements; inspection
(a) The title insurance agent shall maintain sufficient records of its escrow operations and escrow trust accounts so that the commissioner may adequately ensure that the title insurance agent is in compliance with all provisions of Kan. Stat. Ann. §§ 40-1135 through 40-1141, and amendments thereto. The commissioner may prescribe the specific record entries and documents to be kept and the length of time for which the records must be maintained.
(b) The title insurance agent shall make available for inspection by the commissioner, or the commissioner’s representatives, all records relating to the title insurance agent’s escrow, settlement and closing business, and any other fiduciary trust accounts required to be kept by the title insurance agent. Such availability for inspection shall include any records to which subsection (f) of Kan. Stat. Ann. § 40-1137, and amendments thereto, applies.
Terms Used In Kansas Statutes 40-1138
- agent: means an authorized person, other than a bona fide employee of the title insurer who, on behalf of the title insurer, performs the following acts, in conjunction with the issuance of a title insurance report or policy:
(1) Determines insurability and issues title insurance reports or policies, or both, based upon the performance or review of a search, or an abstract of title;
(2) collects or disburses premiums, escrow or security deposits or other funds;
(3) handles escrow, settlements or closings;
(4) solicits or negotiates title insurance business; or
(5) records closing documents. See Kansas Statutes 40-1136
- Commissioner: means the commissioner of insurance of the state of Kansas. See Kansas Statutes 40-1136
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow: means written instruments, money or other items deposited by one party with a depository, escrow agent or escrow for delivery to another party upon the performance of a specified condition or the happening of a certain event. See Kansas Statutes 40-1136
- Fiduciary: A trustee, executor, or administrator.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.