§ 26-23-321 — Title agents; refusal, suspension or revocation of license; fine instead of suspension

(a) In addition to any other grounds stated in this
article, the commissioner may refuse to license any person as a
title agent, or may suspend a title agent's license, after
providing due notice and an opportunity to be heard, upon a
finding that the person:
(i) Fails to meet the qualifications for licensure
under this code;
(ii) Has violated any provision of this code or any
rule or regulation of the commissioner;
(iii) Has made a material misstatement in an
application for a title insurance agent's license or has
obtained a title insurance agent's license by fraud or willful
misrepresentation;
(iv) Has misappropriated or converted to his own use
funds belonging to applicants, insureds, title insurers, escrow
participants or others;
(v) Has intentionally misrepresented the terms of a
title insurance policy to any applicant or policyholder or has
misrepresented material facts to, concealed material facts from
or made false statements to any party to an escrow, settlement
or closing transaction;
(vi) Has in the conduct of his affairs under his
title insurance agent's license, used fraudulent, coercive or
dishonest practices or has shown himself to be incompetent,
untrustworthy, financially irresponsible or a source of injury
and loss to the public; or
(vii) Has aided, abetted or assisted another person
in violating this article or any rule or regulation promulgated
under this article.
(b) The commissioner may revoke the title agent's license
of any person convicted by final judgment of a felony that
relates to the title insurance profession or to the ability to
practice as a title insurance agent.
(c) In addition to or without imposing the penalties
specified in subsections (a) and (b) of this section, the
commissioner may impose a fine in an amount not to exceed two
thousand five hundred dollars ($2,500.00) for each violation of
this section or of any rule or regulation promulgated under this
section.
(d) Any of the penalties provided under this section may
be imposed on a title agent other than a natural person for
action of individuals designated by that insurance agent.