Rhode Island General Laws 27-2.6-14. Prohibition of rebate and fee splitting
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A title insurer or other person shall not give or receive, directly or indirectly, any consideration for the referral of title insurance business or escrow or other service provided by a title insurer. This section does not affect a title insurer’s ability to pay consideration to persons or entities who provide core services, as defined by the Real Estate Settlement Procedures Act (RESPA), 12 U.S.C. § 2607, as amended.
History of Section.
P.L. 2010, ch. 58, § 1; P.L. 2010, ch. 66, § 1.
Terms Used In Rhode Island General Laws 27-2.6-14
- insurer: means a company organized under laws of this state for the purpose of transacting the business of title insurance and any foreign or non-United States title insurer licensed in this state to transact the business of title insurance. See Rhode Island General Laws 27-2.6-3
- Person: means any natural person, partnership, association, cooperative, corporation, trust or other legal entity. See Rhode Island General Laws 27-2.6-3
- real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
- 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.