§ 33-25-301 — Refusal, Suspension, Or Revocation Of Title Insurance Producer's License

33-25-301 . Refusal, suspension, or revocation of title insurance producer's license. (1) In addition to the causes provided in 33-17-1001 , the commissioner may refuse to license an applicant or renew the license of a person as a title insurance producer or may suspend or revoke a title insurance producer's license or may fine a title insurance producer or applicant, after notice and opportunity for a hearing, if the commissioner finds that the license applicant or licensee has:
(a) made a material misstatement in an application for a title insurance producer license;
(b) commingled funds belonging to applicants, escrow participants, or others;
(c) intentionally misrepresented the terms of a title insurance policy to an applicant or policyholder or has misrepresented material facts to, concealed material facts from, or made false statements to a party to an escrow, settlement, or closing transaction;
(d) in conducting affairs as a title insurance producer, used coercive practices or demonstrated financial irresponsibility;
(e) aided, abetted, or assisted another person in violating the provisions of this title or a rule adopted by the commissioner.
(2) The commissioner may impose any other appropriate penalty provided for in this title.
(3) The commissioner may issue an order requiring restitution to injured parties and reimbursement of the commissioner's reasonable costs of bringing an administrative action pursuant to this section.
(4) The commissioner may refuse, suspend, or revoke the license of a person licensed as a title insurance producer for the actions described in subsection (1) committed by any individual designated in the license.

Legislative History

En. Sec. 10, Ch. 519, L. 1985; amd. Sec. 63, Ch. 713, L. 1989; amd. Sec. 62, Ch. 227, L. 2001; amd. Sec. 31, Ch. 157, L. 2023.