RS 513 - Title insurers and producers; qualifications
Only those persons authorized as a title insurer or producer pursuant to this Title shall be qualified to issue a title insurance policy or report or otherwise transact the business of title insurance. Notwithstanding any other law to the contrary, all title insurance policies and reports covering any insurable interest in title to immovable property located in this state shall be signed by a producer licensed in this state under this Subpart or by an employee of a title insurer issuing the title insurance policies and reports when such employee is a producer licensed in this state under this Subpart.
NOTE: §513 as amended by Acts 2020, No. 310, eff. Jan. 1, 2021.
RS 513 - Title insurers and producers; qualifications
A. Only those persons authorized as title insurers or producers pursuant to this Title shall be qualified to issue title insurance policies or reports or otherwise transact the business of title insurance. Notwithstanding any other law to the contrary, all title insurance policies and reports covering any insurable interest in title to immovable property located in this state shall be signed by a producer licensed in this state under this Subpart or by an employee of a title insurer issuing the title insurance policies and reports when the employee is a producer licensed in this state under this Subpart.
B. The qualifications for each individual title insurance producer shall be as follows:
(1) Shall be a natural person at least eighteen years of age.
(2) Shall be a resident of this state or be a full-time employee of a licensed agency producer whose principal place of business is physically located in this state.
(3) Shall hold a high school diploma, a diploma for completion of a home study program approved by the State Board of Elementary and Secondary Education, or a high school equivalency diploma issued after successfully completing the test of general educational development.
(4) Shall be able to read, write, speak, and be sufficiently knowledgeable of the English language.
(5) Shall receive a passing score on the title insurance examination administered by the department.
(6) Shall complete the required hours of prelicensing education under R.S. 22:1545 and 1571 related to Louisiana property law and title insurance, within the one-year period prior to application.
C. The qualifications for each agency title insurance producer shall be as follows:
(1) Shall be a Louisiana entity whose principal place of business is physically located in this state, or a foreign entity registered to do business in this state whose principal place of business within Louisiana is suitable for conducting the business of title insurance and real estate closing.
(2) Shall employ at least one licensed individual producer designated with responsibility for ensuring compliance with the requirements of this Section.
(3) Shall maintain its appointment to represent a title insurer, along with affiliation of the individual producer designated in Paragraph (2) of this Subsection.
(4) The entity and its designated individual producer shall not have had an agency producer license, or its equivalent or an individual producer license, or its equivalent, suspended, revoked, or refused in any other state, province, district, or territory.
Acts 1997, No. 1427, §1; Acts 1999, No. 192, §1, eff. June 9, 1999; Redesignated from R.S. 22:2092.3 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1; Acts 2020, No. 310, §1, eff. Jan. 1, 2021.