- June 14, 2016
- All Utah Issuing Offices
- UNDERWRITING - State Law
This is a reminder to fully comply with Utah Law regarding title and escrow. In particular your attention is directed to UCA 31A-23-406 and 406.5.
UCA 31A-23a-406 provides that title companies are not to act as escrow agent unless the title company and the person conducting the escrow are properly licensed and the title company issues a policy of title insurance. Funds must be deposited in a federally insured financial institution and are to be segregated escrow by escrow in the records of the title company. The title company must maintain a physical office in Utah staffed by someone who has a Utah escrow license. Funds should not be held in escrow unless there is a transaction pending where a policy of title insurance is to be issued. On each transaction you should comply with the good funds requirements set forth in UCA 31A-23a-406 (5).
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.