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Current as of January 01, 2025 | Updated by Findlaw Staff
(a) A title insurer, or officer, employee, attorney, or title insurance limited producer of a title insurer, may not pay, allow, or give or offer to pay, allow, or give, directly or indirectly, as an inducement to obtaining a title insurance business, a rebate, reduction, or abatement of a rate or charge made incident to the issuance of the title insurance, a special favor or advantage, money consideration, or other inducement. A charge made incident to the issuance of the insurance is construed to include, without limitation, escrow, settlement, and closing charges.
(b) An insured named in a title insurance policy or any other person directly or indirectly connected with the transaction involving the issuance of a title insurance policy, including a mortgage lender, real estate broker, builder, or attorney, or an officer, employee, agent, representative, or solicitor of a mortgage lender, real estate broker, builder, attorney, or other person, may not knowingly receive or accept, directly or indirectly, a rebate, reduction, or abatement of a charge or premium or a special favor or advantage, or a monetary consideration or inducement.
(c) Nothing in this section prohibits
(1) the payment of fees for services actually rendered as a result of a title insurance transaction; or
(2) the payment of a commission to a legally appointed title insurance limited producer who issues the policy of title insurance.
Cite this article: FindLaw.com - Alaska Statutes Title 21. Insurance § 21.66.310. Rebates prohibited - last updated January 01, 2025 | https://codes.findlaw.com/ak/title-21-insurance/ak-st-sect-21-66-310/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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