Montana Code 33-25-301. Refusal, suspension, or revocation of title insurance producer’s license
33-25-301. Refusal, suspension, or revocation of title insurance producer‘s license. (1) In addition to the causes provided in 33-17-1001, the commissioner may refuse to license an applicant or renew the license of a person as a title insurance producer or may suspend or revoke a title insurance producer’s license or may fine a title insurance producer or applicant, after notice and opportunity for a hearing, if the commissioner finds that the license applicant or licensee has:
Terms Used In Montana Code 33-25-301
- Applicant: means a person, whether or not a prospective insured, who applies to a title insurer or title insurance producer for a title insurance policy, but does not include a title insurance producer. See Montana Code 33-25-105
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- producer: means a person, corporation, partnership, or other business entity, including an officer, director, or owner of 5% or more of the equity or capital thereof, engaged in this state in the trade, business, occupation, or profession of:
(a)buying or selling interests in real property;
(b)making loans secured by interests in real property; or
(c)acting as broker, insurance producer, or representative of a person described in subsection (8)(a) or (8)(b). See Montana Code 33-25-105
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- 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.
- Title insurance policy: means a contract by which, subject to its stated terms and conditions, a title insurer insures or indemnifies the insured against loss or damage sustained by reason of:
(a)defects in or liens or encumbrances on the title to the stated property;
(b)unmarketability of the title to the stated property; or
(c)invalidity or unenforceability of liens or encumbrances on the stated property. See Montana Code 33-25-105
- Title insurance producer: means a person who holds a valid title insurance producer's license and is authorized in writing by a title insurer to:
(i)solicit title insurance business;
(ii)collect rates;
(iii)determine insurability in accordance with underwriting rules and standards of the insurer; or
(iv)issue policies of the title insurer. See Montana Code 33-25-105
(a)made a material misstatement in an application for a title insurance producer license;
(b)commingled funds belonging to applicants, escrow participants, or others;
(c)intentionally misrepresented the terms of a title insurance policy to an applicant or policyholder or has misrepresented material facts to, concealed material facts from, or made false statements to a party to an escrow, settlement, or closing transaction;
(d)in conducting affairs as a title insurance producer, used coercive practices or demonstrated financial irresponsibility;
(e)aided, abetted, or assisted another person in violating the provisions of this title or a rule adopted by the commissioner.
(2)The commissioner may impose any other appropriate penalty provided for in this title.
(3)The commissioner may issue an order requiring restitution to injured parties and reimbursement of the commissioner’s reasonable costs of bringing an administrative action pursuant to this section.
(4)The commissioner may refuse, suspend, or revoke the license of a person licensed as a title insurance producer for the actions described in subsection (1) committed by any individual designated in the license.