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Colorado Revised Statutes Title 10. Insurance § 10-11-127. Fiduciary responsibilities of title insurance entities--definition of fiduciary funds--deceptive act or practice--rules

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) A title insurance entity and its affiliates or subsidiaries in possession of fiduciary funds received and belonging to others shall hold those funds in a fiduciary capacity.

(2) The commissioner shall promulgate reasonable rules that are consistent with this section and are necessary or proper to:

(a) Require the segregation and accounting of fiduciary funds;

(b) Require notice to the commissioner by title insurance companies that are aware of a violation of the fiduciary fund segregation and accounting rules, and the appointment, suspension, or dismissal of title insurance agents; and

(c) Provide for the implementation and administration of this section.

(3) For the purposes of this section, “fiduciary funds” means any money received in conjunction with closing and settlement services other than a fee charged by the title insurance company or title insurance agent to perform the closing and settlement services for a real estate transaction.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 10. Insurance § 10-11-127. Fiduciary responsibilities of title insurance entities--definition of fiduciary funds--deceptive act or practice--rules - last updated January 01, 2025 | https://codes.findlaw.com/co/title-10-insurance/co-rev-st-sect-10-11-127/

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