Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
Contract: A legal written agreement that becomes binding when signed.
an individual who meets the requirements of Subsection (53)(b). See Utah Code 31A-1-301
Escrow: Money given to a third party to be held for payment until certain conditions are met.
Escrow: means :
(i)
a transaction that effects the sale, transfer, encumbering, or leasing of real property, when a person not a party to the transaction, and neither having nor acquiring an interest in the title, performs, in accordance with the written instructions or terms of the written agreement between the parties to the transaction, any of the following actions:
(A)
the explanation, holding, or creation of a document; or
(B)
the receipt, deposit, and disbursement of money;
(ii)
a settlement or closing involving:
(A)
a mobile home;
(B)
a grazing right;
(C)
a water right; or
(D)
other personal property authorized by the commissioner. See Utah Code 31A-1-301
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
(ii)
a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
(iii)
a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
Insurer: is a s defined in Section 31A-1-301, except that the following persons or similar persons are not insurers for purposes of 7:
(a)
a risk retention group as defined in:
(i)
the Superfund Amendments and Reauthorization Act of 1986, Pub. See Utah Code 31A-23a-102
Person: includes :
(a)
an individual;
(b)
a partnership;
(c)
a corporation;
(d)
an incorporated or unincorporated association;
(e)
a joint stock company;
(f)
a trust;
(g)
a limited liability company;
(h)
a reciprocal;
(i)
a syndicate; or
(j)
another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
Title insurance: means the insuring, guaranteeing, or indemnifying of an owner of real or personal property or the holder of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to the property, or invalidity or unenforceability of any liens or encumbrances on the property. See Utah Code 31A-1-301
(a)
“Premium” is as described in Subsection 59-9-101(3).
(b)
“Title insurer” means a person:
(i)
making any contract or policy of title insurance as:
(A)
insurer;
(B)
guarantor; or
(C)
surety;
(ii)
proposing to make any contract or policy of title insurance as:
(A)
insurer;
(B)
guarantor; or
(C)
surety; or
(iii)
transacting or proposing to transact any phase of title insurance, including:
(A)
soliciting;
(B)
negotiating preliminary to execution;
(C)
executing of a contract of title insurance;
(D)
insuring; and
(E)
transacting matters subsequent to the execution of the contract and arising out of the contract.
(c)
“Utah risks” means insuring, guaranteeing, or indemnifying with regard to real or personal property located in Utah, an owner of real or personal property, the holders of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of:
(i)
liens or encumbrances upon, defects in, or the unmarketability of the title to the property; or
(ii)
invalidity or unenforceability of any liens or encumbrances on the property.
(2)
(a)
The commissioner may assess each title insurer, each individual title insurance producer who is not an employee of a title insurer or who is not designated by an agency title insurance producer, and each agency title insurance producer an annual assessment:
(i)
determined by the Title and Escrow Commission:
(A)
after consultation with the commissioner; and
(B)
in accordance with this Subsection (2); and
(ii)
to be used for the purposes described in Subsection (3).
(b)
An agency title insurance producer and individual title insurance producer who is not an employee of a title insurer or who is not designated by an agency title insurance producer shall be assessed up to:
(i)
$250 for the first office in each county in which the agency title insurance producer or individual title insurance producer maintains an office; and
(ii)
$150 for each additional office the agency title insurance producer or individual title insurance producer maintains in the county described in Subsection (2)(b)(i).
(c)
A title insurer shall be assessed up to:
(i)
$250 for the first office in each county in which the title insurer maintains an office;
(ii)
$150 for each additional office the title insurer maintains in the county described in Subsection (2)(c)(i); and
(iii)
an amount calculated by:
(A)
aggregating the assessments imposed on:
(I)
agency title insurance producers and individual title insurance producers under Subsection (2)(b); and
(II)
title insurers under Subsections (2)(c)(i) and (2)(c)(ii);
(B)
subtracting the amount determined under Subsection (2)(c)(iii)(A) from the total costs and expenses determined under Subsection (2)(d); and
(C)
multiplying:
(I)
the amount calculated under Subsection (2)(c)(iii)(B); and
(II)
the percentage of total premiums for title insurance on Utah risk that are premiums of the title insurer.
(d)
Notwithstanding Section 31A-3-103 and subject to Section 31A-2-404, during the first quarter of each fiscal year the Title and Escrow Commission shall approve the amount of costs and expenses described under Subsection (3) for the prior fiscal year that will be covered by the assessment.
(e)
(i)
An individual licensed to practice law in Utah is exempt from the requirements of this Subsection (2) if that person issues 12 or less policies during a 12-month period.
(ii)
In determining the number of policies issued by an individual licensed to practice law in Utah for purposes of Subsection (2)(e)(i), if the individual issues a policy to more than one party to the same closing, the individual is considered to have issued only one policy.
(3)
(a)
Money received by the state under this section shall be deposited into the Title Licensee Enforcement Restricted Account.
(b)
There is created in the General Fund a restricted account known as the “Title Licensee Enforcement Restricted Account.”
(c)
The Title Licensee Enforcement Restricted Account shall consist of the money received by the state under this section.
(d)
The commissioner shall administer the Title Licensee Enforcement Restricted Account. Subject to appropriations by the Legislature, the commissioner shall use the money deposited into the Title Licensee Enforcement Restricted Account only to pay for a cost or expense incurred by the department in the administration, investigation, and enforcement of laws governing individual title insurance producers, agency title insurance producers, or title insurers.
(e)
An appropriation from the Title Licensee Enforcement Restricted Account is nonlapsing.
(4)
The assessment imposed by this section shall be in addition to any premium assessment imposed under Subsection 59-9-101(3).
