Texas Insurance Code 2651.002 – License Application
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(a) Before an initial license is issued to an individual, firm, association, or corporation to act as an agent in this state for a title insurance company, the company must file an application for an agent’s license with the department on forms provided by the department.
(b) The application must be:
(1) accompanied by a nonrefundable license fee; and
(2) signed and sworn to by the title insurance company and by the proposed agent.
Terms Used In Texas Insurance Code 2651.002
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
- sworn: includes affirm or affirmed. See Texas Government Code 312.011
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) The completed application must state that:
(1) the proposed agent is:
(A) an individual who is a bona fide resident of this state;
(B) an association or firm composed only of Texas residents; or
(C) a Texas corporation or a foreign corporation authorized to engage in business in this state;
(2) the proposed agent has unencumbered assets in excess of liabilities, exclusive of the value of abstract plants, as required by § 2651.012;
(3) the proposed agent, including a corporation’s managerial personnel, if applicable, has reasonable experience or instruction in the field of title insurance;
(4) the title insurance company:
(A) knows that the proposed agent has a good business reputation and is worthy of the public trust; and
(B) is unaware of any fact or condition that disqualifies the proposed agent from receiving a license; and
(5) the proposed agent qualifies as a title insurance agent under this chapter.
(d) Except as provided by § 2651.0021(e), an agent applying for an initial license under this subchapter must provide evidence that the agent and its management personnel have successfully completed a professional training program that complies with § 2651.0021. The program must have been completed within one year preceding the date of application.