(1) A title insurance entity and its affiliates or subsidiaries in possession of fiduciary funds received and belonging to others shall hold those funds in a fiduciary capacity.
(2) The commissioner shall promulgate reasonable rules that are consistent with this section and are necessary or proper to:
Require the segregation and accounting of fiduciary funds;
Require notice to the commissioner by title insurance companies that are aware of aviolation of the fiduciary fund segregation and accounting rules, and the appointment, suspension, or dismissal of title insurance agents; and
Provide for the implementation and administration of this section.
(3) For the purposes of this section, "fiduciary funds" means any money received in conjunction with closing and settlement services other than a fee charged by the title insurance company or title insurance agent to perform the closing and settlement services for a real estate transaction.
Source: L. 2018: Entire section added, (SB 18-125), ch. 73, p. 640, § 2, effective March 29.