a. It shall be an unlawful practice for any person or entity to prepare a report for
use by a mortgage lender in evaluating the capacity of an escrow agent to perform
real estate settlement services, in exchange for a fee charged to that escrow agent.
b. As used in this section, “escrow agent” means an independent person, including an independent bonded escrow company, an
independent financial institution whose accounts are insured by a governmental agency
or instrumentality, an independent licensed title insurance agent, or an attorney
licensed to practice law in this State, who is responsible for the receipt of any
written instrument, money, evidence of title to real or personal property, or other
thing of value to be held until the happening of a specified event or the performance
of a prescribed condition, when it is then to be delivered in connection with the
transfer of real estate.
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