Utah § 31A-23a-1003 Affiliated business arrangements.

Utah Statutes

§ 31A-23a-1003 — Affiliated business arrangements.

Utah § 31A-23a-1003

Title 31AInsurance Code

Ch. 31A-23aInsurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries

Part 31A-23a-10Affiliated Business in Title Insurance

This text of Utah § 31A-23a-1003 (Affiliated business arrangements.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 31A-23a-1003 (2026).

Text

(1)An affiliated business arrangement between a person and a title entity violates Section 8 of RESPA for purposes of state law if:

(1)(a) the title entity does not have sufficient capital and net worth in a reserve account in the title entity's name; or

(1)(b) more than 70% of the title entity's annual title insurance business is affiliated business on or after the later of:

(1)(b)(i) two years after the title entity begins an affiliated business arrangement; or

(1)(b)(ii) June 1, 2021.

(2)In addition to Subsection (1), the division may find that an affiliated business arrangement between a person and a title entity violates Section 8 of RESPA after evaluating and weighing the following factors in light of the specific facts before the division:

(2)(a) whether the title entity:

(2)(a)

Free access — add to your briefcase to read the full text and ask questions with AI

(1) An affiliated business arrangement between a person and a title entity violates Section 8 of RESPA for purposes of state law if:

(1)(a) the title entity does not have sufficient capital and net worth in a reserve account in the title entity's name; or
(1)(b) more than 70% of the title entity's annual title insurance business is affiliated business on or after the later of:
(1)(b)(i) two years after the title entity begins an affiliated business arrangement; or
(1)(b)(ii) June 1, 2021.
(2) In addition to Subsection (1), the division may find that an affiliated business arrangement between a person and a title entity violates Section 8 of RESPA after evaluating and weighing the following factors in light of the specific facts before the division:

(2)(a) whether the title entity:
(2)(a)(i) is staffed with the title entity's own employees to conduct title insurance business;
(2)(a)(ii) manages the title entity's own business affairs;
(2)(a)(iii) has a physical office for business that is separate from any producer's or associate's office and pays market rent;
(2)(a)(iv) provides the essential functions of title insurance business for a fee, including incurring the risks and receiving the rewards of any comparable title entity; and
(2)(a)(v) performs the essential functions of title insurance business itself;
(2)(b) if the title entity contracts with another person to perform a portion of the title entity's title insurance business, whether the contract:
(2)(b)(i) is with an independent third party; and
(2)(b)(ii) provides payment for the services that bears a reasonable relationship to the value of the services or goods received; and
(2)(c) whether the person from whom the title entity receives referrals under the affiliated business arrangement also sends title insurance business to other title entities.