(1) (a) Title insurance agents shall be licensed in the manner provided for insurance producers in part 4 of article 2 of this title, except as otherwise provided in this section.
Full-time employees of a corporate contractual agent of a title insurance companyauthorized by such company or such contractual agent to issue or countersign binders or policies in behalf of such title insurance company shall be so licensed.
A license shall be issued to an attorney-at-law licensed to practice in this state if atitle insurance company notifies the commissioner in writing of the name and address of each such attorney it desires to appoint as its agent and upon payment of the fees required by sections 10-3-207 and 24-31-104.5, C.R.S.
No individual, partnership, corporation, or other legal entity contractually authorizedby a title insurance company as its agent to issue or countersign binders or policies on its behalf, other than an attorney otherwise qualified under subsection (1)(c) of this section, shall be licensed unless, in addition to all other requirements of this article and of articles 1 to 3 of this title, the agent possesses actual paid-in cash capital, or, if an individual, has a net worth, of at least ten thousand dollars.
Title insurance agents possessing a title plant, as described in section 10-11-114, maysatisfy the requirements of subsection (2) of this section by submitting to the commissioner of insurance, in a form acceptable to the commissioner, the written affidavit of a certified public accountant stating that the agent's actual investment in the title plant equals or exceeds the applicable amount set forth in subsection (2) of this section, or, alternatively, that the aggregate of the agent's paid-in cash capital or net worth, as applicable, and the agent's actual investment in the title plant equals or exceeds the applicable amount set forth in subsection (2) of this section.
A licensed contractual agent of a title insurance company shall preserve and retain itsclosing and settlement services and escrow files for a period of not less than seven years after the closing, or completion, of said files. In lieu of retaining the original files, a licensed contractual agent of a title insurance company may, in its regular course of business, establish a system whereby the files are recorded, copied, or reproduced by any photographic, microfilm, or other process which accurately reproduces or forms a durable medium for reproduction of the original files. Upon cessation of business by a contractual agent of a title insurance company the files shall be deposited with the division of insurance or with a title insurance company or licensed contractual agent of a title insurance company authorized by the division of insurance.
Source: L. 69: p. 526, § 1. C.R.S. 1963: § 72-26-16. L. 77: (1)(a) amended, p. 502, § 4, effective January 1, 1978. L. 91: (2) to (4) added, p. 1217, § 1, effective July 1. L. 93: (1)(a) amended, p. 1390, § 7, effective January 1, 1995. L. 99: (4) amended, p. 27, § 2, effective August 4. L. 2010: (1)(c) amended, (HB 10-1385), ch. 204, p. 883, § 5, effective May 5. L. 2012: (1)(c) amended, (SB 12-110), ch. 158, p. 561, § 7, effective July 1.