§ 10-11-122 — Title commitments - rules

Colorado § 10-11-122

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Title Insurance

Text

(1) Every title insurance agent or title
insurance company shall provide, along with each commitment for an owner's
policy of title insurance pertaining to a sale of residential real property as defined
in section 39-1-102 (14.5), C.R.S., a statement disclosing the following information:

(a) That the subject real property may be located in a special taxing district;

(b) That a certificate of taxes due listing each taxing jurisdiction will be
obtained from the county treasurer of the county in which the subject real property
is located or that county treasurer's authorized agent unless the proposed insured
provides written instructions to the contrary; and

(c) That information regarding special districts and the boundaries of such
districts may be obtained from the board of county commissioners, the county clerk
and recorder, or the county assessor.

(2) Failure of a title insurance agent or a title insurance company to provide
the statement required by subsection (1) of this section shall subject such agent or
company to the penalty provisions of section 10-3-111 but shall not affect or
invalidate any provisions of the commitment for title insurance.

(3) (a) Before issuing any owner's policy of title insurance pertaining to a sale
of residential real property, unless the proposed insured provides written
instructions to the contrary, a title insurance agent or title insurance company shall
obtain a certificate of taxes due from the county treasurer or the county treasurer's
authorized agent.

(b) To address circumstances in which a certificate of taxes cannot be
obtained from the county treasurer or the county treasurer's authorized agent
during the period in which the county treasurer is certifying the tax rolls, the
commissioner of insurance shall promulgate rules, in accordance with article 4 of
title 24, C.R.S., that identify alternative documentation that may be used and relied
upon during that period. If a title insurance agent or title insurance company uses
alternative documentation during this period, the agent or company shall obtain a
tax certificate when it becomes available from the county treasurer or the county
treasurer's authorized agent.

(4) (a) If a title insurance agent or title insurance company is required to
provide the statement required by subsection (1) of this section, the agent or
company shall also provide a statement substantially as follows:

COLORADO NOTARIES MAY REMOTELY NOTARIZE REAL ESTATE DEEDS AND
OTHER DOCUMENTS USING REAL-TIME AUDIO-VIDEO COMMUNICATION
TECHNOLOGY. YOU MAY CHOOSE NOT TO USE REMOTE NOTARIZATION FOR
ANY DOCUMENT.

(b) Failure of a person to provide the statement required by this subsection
(4) does not subject the person to any liability under this article 11 or to the penalty
provisions of section 10-3-111 and does not affect or invalidate any provisions of the
commitment for title insurance.

Legislative History

Source: L. 91: Entire section added, p. 779, � 1, effective June 4. L. 92: (3) amended, p. 2167, � 5, effective June 2; IP(1), (1)(b), and (2) amended, p. 994, � 3, effective July 1. L. 2013: (3)(b) amended, (SB 13-119), ch. 192, p. 788, � 1, effective October 1; IP(1), (1)(b), and (3)(a) amended, (SB 13-119), ch. 192, p. 788, � 1, effective January 1, 2015. L. 2020: (4) added, (SB 20-096), ch. 130, p. 567, � 8, effective December 31.