Effective date: 2/26/1990
(1) Every licensed title insurance agent shall maintain a monthly reconciliation of every escrow account required to be maintained pursuant to section 626.8473, F.S., and shall, on a monthly basis, report such reconciliation together with appropriate supporting documentation to each title insurer which licensed the agent during the reconciliation period. The reconciliation shall be supported by appropriate documentation, including a monthly bank statement, a list of all outstanding checks as of the date of the reconciliation which are not shown on the monthly bank statement, and a trial balance of the escrow ledger records required to be maintained by subsection (2). Licensed title insurance agents and title insurers shall provide a copy of the monthly escrow account reconciliation to the Office upon its request. Such records shall be maintained by the title insurer for a period of five years.
Terms Used In Florida Regulations 69O-186.009
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
Rulemaking authorized by Florida Statutes § 624.308. Law Implemented 624.307(1), 626.8473, 627.776(1)(m), 628.151 FS. History—New 2-26-90, Formerly 4-21.0105, 4-186.009.