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Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Cancellation/Commitment fee is not prohibited in this state. It is customary to charge this fee.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Under most circumstances will be required by regulation of the Division of Insurance.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Arizona permits, but does not require, a cancellation/commitment fee.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
There is no requirement or prohibition for this.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Cancellation fees are permitted, but seldom collected absent unusual circumstances, such as a great deal of work having been provided.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
State law does not prohibit, or require, the charging of a cancellation fee or commitment fee. The charging of such fees is permitted provided the underwriter’s filed rate manual contains a cancellation/commitment charge rate rule.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
A commitment fee or a cancellation fee is neither required nor prohibited.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
The rate manual is silent as to cancellation fees.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
There is no restriction on these fees in the District of Columbia.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Rule 690 -186.003 (7) requires for commercial transactions that the premium for the title commitment be charged upon issuance of the title commitment. However, the practice is to collect the premium at the time of the closing.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Not required or prohibited.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
There is no prohibition on or requirement regarding cancellation fees. Each title company has its own cancellation policy.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
The State of Illinois permits a cancellation fee or a commitment fee upon cancellation but does not mandate that there be a charge.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
A cancellation fee is permitted in Indiana.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Not applicable.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
There is no required cancellation fee. A cancellation fee is permitted if the issuing office has filed charges with the Department of Insurance which includes a cancellation fee applicable to all orders.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Cancellation fee is permitted, but not required, and should be negotiated up front.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
The Louisiana Department of Insurance requires that forms and fees be filed with and approved by the Department of Insurance. At this time, there is no filing relating to premium for a commitment or for premium relating to a cancellation of commitment. However, the required abstract and examination are services and products provided outside the realm of premium. The attorney/law firm/title company that provides these services and products in connection with producing a commitment will expect payment for services and products rendered regardless of whether or not a closing takes place. It is suggested that the person or entity placing the order inquire as to what the fees are and when payment will be expected.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Not required, but such a rate could be filed.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
No.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
There is no required cancellation fee, and one is generally not charged for business consideration.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
A cancellation fee is not permitted as the Michigan Rate Manual does not currently provide for such a fee.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Permitted, not required.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
A cancellation fee is permitted but not required and is not customarily charged.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
A cancellation fee is permitted but not required. An Issuing Office may invoice for a cancellation fee at the time of commitment. There is no filed commitment fee.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
The fee is allowed. Stewart's rate filing includes a cancellation fee.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Yes. After the issuance of the commitment to insure, if the record discloses that the commitment has been acted upon by recordation of deed, mortgage, or other instruments, or if acted upon by unrecorded document or documents, apply the original issue charge. However, if the applicant cancels or no documents have been recorded and no actions have been taken by the expiration date of the commitment, a minimum charge of $25 plus extra service charges, if any must be charged. The entire charge may be cancelled if it is apparent that through error the customer has entered duplicate orders either with the same or competing companies, or if the order is cancelled prior to commencement of search.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Cancellation fees are permitted, but not mandatory.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Not required, but such a rate could be filed.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Yes. N.J. Rate Manual Section 3.1.6: When an application for title insurance is canceled prior to closing or when the proposed transaction is not consummated, the cancellation fee shall be the examination charge plus other charges which have been incurred.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
“Title insurance regulations require a title insurance agent to charge a fee for each issued commitment and a cancellation fee if the transaction fails to close. See Rule 13.14.9.19 A. and B. NMAC. Please consult the current promulgated rate rules for the required charges.”
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
There are no restrictions or requirements relating to cancellation fees.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Beginning March 1, 2012, NC has a $15 commitment fee as additional title premium where a commitment is issued. This fee is not charged if the commitment is cancelled. There are no filed cancellation fees.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
It is permitted.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
A cancellation fee is permitted to be charged only if the transaction for which the commitment was issued is completed and no insurance is purchased.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Title Insurance rates and fees are not regulated in the State of Oklahoma. A commitment fee or cancellation fee may be charged in Oklahoma.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Yes, the OTIRO Manual permits a fee for the cancellation of an order for title insurance for a one-to-four family residential dwelling. Under certain circumstances outlined in Section 2.009 the fee can be waived.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Yes, 3.1 of the Pennsylvania Rate Manual provides that a minimum charge of $100.00 must be made for cancellation.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Rhode Island permits Cancellation or Commitment Fees.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Cancellation and commitment fees are neither required nor prohibited.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
It’s permitted.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
A cancellation fee is permitted but the amount for the cancellation fee is not filed.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
No.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
It is customary to charge a cancellation fee for a cancelled commitment. The charge for a cancelled commitment is established by each title agent.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Vermont is a filed rate and filed form state. Therefore, no fees may be charged unless specifically authorized by Vermont’s insurance regulator, Banking, Insurance, Securities, & Health Care Administration (BISHCA). A filing for a cancellation fee has not been filed or approved by BISHCA. Therefore, a cancellation or commitment fee is not permitted.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Not regulated.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Yes, but the cancellation fee can be waived in certain circumstances.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
Commitment fees are not allowed. Cancellation fees are allowed to the extent of work performed prior to cancellation.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
The statutes are silent on this topic. If this is considered as an insurer charge, it may need to be filed with the State as a rate. Wisconsin Statutes Section 625.13.
Does your state permit or require a cancellation fee or commitment fee upon cancellation?
The Wyoming Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.
