reglab/housing_qa huggingface dataset:
IN Code § 27-7-3-14 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3. Abstract and Title Insurance|27-7-3-14. Annual Financial Statement; Effect of Certification by Certified Public Accountant

Sec. 14. (a) Every such company doing business in this state shall file with the department on or before March 15 in each year a financial statement for the year ending December 31 immediately preceding on forms furnished by the department. Such statement shall include a showing that the sum of ten percent (10%) of all actual premiums received by such company, on account of such title insurance business, during the year ending on December 31 prior thereto, as required by section 9 of this chapter, has been duly set apart and is held by such company in said title insurance reserve fund or is held on deposit by the department as provided in section 9 of this chapter. Such statement shall be verified by the oaths of the president or a vice president and the secretary or an assistant secretary.(b) If the annual statement, as required by this section, shall be certified to by a certified public accountant, then such statement shall be prima facie evidence of the facts stated therein, and the department may in its discretion accept such certified statements in lieu of an examination under this chapter.Formerly: Acts 1937, c.104, s.14. As amended by P.L.252-1985, SEC.259.
IN Code § 27-7-3-15 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3. Abstract and Title Insurance|27-7-3-15. Collection of Charges, Fees, and Taxes; Disposition

Sec. 15. The department shall collect the charges, fees and taxes provided for in this section, and give proper acquittances for the collection, and on or before the end of every calendar month shall pay into the state treasury the amounts collected by it during such month, as follows:Fees. Domestic Companies: Every domestic company shall pay to the department the following stipulated fees: For filing annual statement, twenty dollars ($20); for license to such company, and for each renewal of the license, five dollars ($5); and for affixing seal or certifying to any paper, one dollar ($1). The department may require payment of fees on or before the first day of the month next after the same are chargeable.Fees. Foreign Companies: Every such foreign company shall pay to the department the following stipulated fees: For filing annual statement, twenty dollars ($20); for license to such company, and for each annual renewal of the license, five dollars ($5); for filing withdrawal and cancellation of certificate, twenty dollars ($20); and for affixing seal or certifying to any paper, one dollar ($1).Formerly: Acts 1937, c.104, s.15. As amended by P.L.136-2018, SEC.184.
IN Code § 27-7-3-16 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3. Abstract and Title Insurance|27-7-3-16. Retirement or Withdrawal From Business; Reinsurance; Cancellation of Certificate of Authority; Return of Deposit

Sec. 16. (a) Whenever any domestic company desires to retire from the business provided for in this chapter, it shall furnish to the department satisfactory evidence that it no longer has outstanding any liability upon any policy of insurance made by it in the conduct of its business as a title insurance company, or that it has reinsured its outstanding policies with a solvent company, authorized to do business under this chapter in this state, or with a company approved by the department. At the same time the company shall surrender to the department its certificate of authority. If the department is satisfied that there is no outstanding liability upon any policy issued by such company, or, that its outstanding policies have been properly reinsured, then the department shall cancel the surrendered certificate of authority and shall return to the company any and all deposits made by such company under the provisions of this chapter.(b) Whenever any foreign company desires to withdraw from doing a title insurance business in this state, it shall furnish to the department satisfactory evidence that it no longer has outstanding any liability upon any policy of title insurance made by it in the conduct of its business in this state, or that it has reinsured its outstanding policies with a solvent company, authorized to do business in this state, or with a company approved by the department. At the same time such company shall surrender to the department its certificate of authority. If the department is satisfied that there is no outstanding liability upon any policy issued by such company in the conduct of its business in this state, or that its outstanding policies have been properly reinsured, then the department shall cancel the surrendered certificate of authority and shall return to the company any and all deposits made with it by such company under the provisions of this chapter.Formerly: Acts 1937, c.104, s.16. As amended by P.L.252-1985, SEC.260.
IN Code § 27-7-3-17 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3. Abstract and Title Insurance|27-7-3-17. Violations

Sec. 17. A person who recklessly violates this chapter or fails to fulfill any of the requirements of this chapter commits a Class B misdemeanor.Formerly: Acts 1937, c.104, s.17. As amended by Acts 1978, P.L.2, SEC.2724.
IN Code § 27-7-3-18 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3. Abstract and Title Insurance|27-7-3-18. Exemptions From Chapter

Sec. 18. The provisions of this chapter shall not apply to any insurance company organized or desiring to organize under and pursuant to IC 27-1 nor to any person, firm, partnership, corporation, limited liability company, association, or company whose business is the making of abstracts of title to real estate and attaching their certificate thereto and not engaging in the business of making title insurance, nor to any person, firm, partnership, corporation, limited liability company, or association acting as an authorized agent for a duly qualified title insurance company.Formerly: Acts 1937, c.104, s.18. As amended by P.L.252-1985, SEC.261; P.L.8-1993, SEC.425.
IN Code § 27-7-3-19 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3. Abstract and Title Insurance|27-7-3-19. Construction of Chapter

Sec. 19. This chapter shall be deemed to create an additional and separate method for engaging in the business of title insurance, as defined in this chapter, and providing for the incorporation of such companies and their licensing to do such business. This chapter shall not be deemed to alter, amend, or repeal any other statutes of the state of Indiana. No requirements or proceedings shall be necessary for the incorporation and licensing of a title insurance company under this chapter except such as are prescribed in this chapter, any provision of the laws of the state of Indiana or IC 27-1 to the contrary notwithstanding.Formerly: Acts 1937, c.104, s.20. As amended by P.L.252-1985, SEC.262.
IN Code § 27-7-3-20 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3. Abstract and Title Insurance|27-7-3-20. Limitation on Risks

Sec. 20. (a) As used in this section, "any one (1) risk" means a risk or hazard that arises in connection with any one (1) piece or parcel of property, whether or not the policy insures other property.(b) Any company organized to issue title insurance in Indiana may not expose itself to any one (1) risk in an amount exceeding fifty percent (50%) of the aggregate amount of its total capital and surplus and its reserves other than its loss of claim reserves.(c) Any risk or portion of any risk that has been reinsured as authorized under IC 27-7, must be deducted in determining the limitation of risk prescribed in this section.As added by Acts 1982, P.L.162, SEC.2.
IN Code § 27-7-3-21 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3. Abstract and Title Insurance|27-7-3-21. Requirement of Title Search

Sec. 21. A company described in section 3 of this chapter that issues a title insurance policy shall perform or cause to be performed a title search for the real estate in conjunction with a mortgage secured by the real estate unless the mortgage meets all of the following requirements:(1) The principal amount of the mortgage is not more than fifty thousand dollars ($50,000).(2) The mortgage is subordinate to a prior mortgage where a title search was conducted and a title policy was issued.(3) The mortgage is not a reverse mortgage.As added by P.L.68-2002, SEC.2.
IN Code § 27-7-3-22 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3. Abstract and Title Insurance|27-7-3-22. Closing Protection Letter; Fee

Sec. 22. (a) In a residential real estate transaction described in section 15.5(a) and 15.5(b) of this chapter in which:(1) a title policy is issued by a company or title insurance producer on behalf of a company; and(2) the company or title insurance producer will also act as a settlement or closing agent;the company or title insurance producer shall issue a closing protection letter to the lender, borrower, buyer, and seller of the property. A company authorized to do business under section 3 of this chapter shall charge a fee approved under subsection (e) to each party receiving the benefit of a closing protection letter.(b) In a nonresidential real estate transaction in which:(1) a title policy is issued by a company or title insurance producer on behalf of a company; and(2) the company or title insurance producer will also act as a settlement or closing agent;the company or title insurance producer may issue a closing protection letter to the lender, borrower, buyer, and seller of the property on request.(c) A closing protection letter issued under this section must indemnify the party to which the closing protection letter is issued against any loss of settlement funds (under the terms and conditions of the closing protection letter) that results from the following acts of the company or title insurance producer that issues the closing protection letter:(1) Theft or misappropriation of settlement funds in connection with a transaction in which the title policy is issued, only to the extent that the theft or misappropriation relates to the:(A) status of title to; or(B) validity, enforceability, and priority of the lien of the mortgage on;the party's interest in land.(2) Failure to comply with the written closing instructions agreed to by the company or title insurance producer acting as the settlement agent, only to the extent that the failure relates to the:(A) status of title to; or(B) validity, enforceability, and priority of the lien of the mortgage on;the party's interest in land.(d) The issuance of a closing protection letter under this section in contemplation of or in conjunction with the issuance of a title insurance policy is part of the business of title insurance for purposes of section 3 of this chapter.(e) The amount of the fee that a company authorized to do business under section 3 of this chapter charges to each party receiving the benefits of a closing protection letter:(1) must be submitted to and approved by the commissioner under IC 27-1-22-28; and(2) is not subject to an agreement requiring a division of fees or premiums collected on behalf of the company.As added by P.L.80-2013, SEC.4.
IN Code § 27-7-3.6-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3.6. Title Insurance Enforcement Fund|27-7-3.6-1. Title Insurance Enforcement Fund Established; Uses of Fund

Sec. 1. The title insurance enforcement fund is established for the following purposes:(1) To provide supplemental funding for department operations that are related to title insurance, including any of the following:(A) The investigation of any matter concerning title insurance transactions in Indiana, to the extent necessary to determine compliance with this title.(B) Appropriate administrative and civil actions to redress instances of noncompliance with this title.(C) Cooperative efforts with federal, state, and local law enforcement agencies in investigating the following:(i) Deceptive acts in connection with title insurance transactions.(ii) Criminal violations involving deceptive acts in connection with title insurance transactions.(iii) Violations of the Real Estate Settlement Procedures Act (12 U.S.C. 2601 et seq.) and any other federal laws or regulations concerning title insurance transactions. To the extent authorized by federal law, the department may enforce compliance with the federal statutes or regulations described in this item or refer suspected violations of the statutes or regulations to the appropriate federal regulatory agencies.(D) Actions to enjoin violations of 12 U.S.C. 2607, as permitted under 12 U.S.C. 2607(d) and 12 U.S.C. 2614.(2) To pay the costs of hiring and employing staff in the area of enforcement of title insurance law.(3) To provide funding for educational materials or services designed to provide information to consumers about residential title insurance transactions.As added by P.L.171-2006, SEC.5. Amended by P.L.145-2008, SEC.32.
IN Code § 27-7-3.6-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3.6. Title Insurance Enforcement Fund|27-7-3.6-2. Administration of Title Insurance Enforcement Fund

Sec. 2. The title insurance enforcement fund shall be administered by the commissioner. The expenses of administering the title insurance enforcement fund shall be paid from money in the fund.As added by P.L.171-2006, SEC.5.
IN Code § 27-7-3.6-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3.6. Title Insurance Enforcement Fund|27-7-3.6-3. Investments

Sec. 3. The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public money may be invested.As added by P.L.171-2006, SEC.5.
IN Code § 27-7-3.6-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3.6. Title Insurance Enforcement Fund|27-7-3.6-4. Reversions to State General Fund Prohibited

Sec. 4. Money in the fund at the end of a state fiscal year does not revert to the state general fund.As added by P.L.171-2006, SEC.5.
IN Code § 27-7-3.6-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3.6. Title Insurance Enforcement Fund|27-7-3.6-5. Augmentation Authorized

Sec. 5. The budget agency may augment the appropriation for the department of insurance from balances in the fund.As added by P.L.171-2006, SEC.5.
IN Code § 27-7-3.6-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3.6. Title Insurance Enforcement Fund|27-7-3.6-6. Deposits

Sec. 6. The following shall be deposited in the title insurance enforcement fund:(1) Policy reporting fees remitted by title insurers to the commissioner under section 7 of this chapter.(2) Other amounts remitted to the commissioner or the department that are required by law to be deposited into the title insurance enforcement fund.As added by P.L.171-2006, SEC.5. Amended by P.L.1-2007, SEC.185.
IN Code § 27-7-3.6-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3.6. Title Insurance Enforcement Fund|27-7-3.6-7. Fees

Sec. 7. (a) A person that purchases a title insurance policy shall pay to the title insurer that issues the title insurance policy a fee of five dollars ($5) as a fee for the title insurance enforcement fund at the time of payment for the title insurance policy.(b) A title insurer shall:(1) retain two dollars ($2) of the fee collected under subsection (a) as an administrative fee; and(2) pay to the department three dollars ($3) of the fee collected under subsection (a) for deposit in the title insurance enforcement fund.As added by P.L.171-2006, SEC.5.
IN Code § 27-7-3.7-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3.7. Escrow Transactions in Real Estate Transactions|27-7-3.7-1. "Closing Agent"

Sec. 1. (a) As used in this chapter, "closing agent" means a person that:(1) closes an escrow transaction in connection with the purchase, sale, or financing of an interest in real estate; and(2) is required to be licensed as an insurance producer under IC 27-1-15.6.(b) The term does not include a lender or an employee of a lender that conducts a settlement or closing of a real estate secured loan provided by the lender in the office of the lender.As added by P.L.92-2009, SEC.1.
IN Code § 27-7-3.7-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3.7. Escrow Transactions in Real Estate Transactions|27-7-3.7-2. "Escrow Account"

Sec. 2. As used in this chapter, "escrow account" means a checking account established by a closing agent with a:(1) bank;(2) savings and loan association;(3) credit union; or(4) savings bank;that is chartered under the laws of a state or the United States and used exclusively for the deposit and disbursement of funds for an escrow transaction.As added by P.L.92-2009, SEC.1.
IN Code § 27-7-3.7-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3.7. Escrow Transactions in Real Estate Transactions|27-7-3.7-3. "Escrow Transaction"

Sec. 3. (a) As used in this chapter, "escrow transaction" means a transaction in which a person deposits with a closing agent funds that are to be held until:(1) a specified event occurs; or(2) the performance of a prescribed condition;in connection with the purchase, sale, or financing of an interest in real estate.(b) The term does not include a loan financing if:(1) the only parties to the loan transaction are the lender and the borrower; and(2) the lender is responsible for disbursing all of the funds to the borrower or to a third party in order to pay fees and charges associated with the loan transaction.As added by P.L.92-2009, SEC.1.
IN Code § 27-7-3.7-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3.7. Escrow Transactions in Real Estate Transactions|27-7-3.7-4. "Good Funds"

Sec. 4. As used in this chapter, "good funds" means funds in any of the following forms:(1) United States currency.(2) Wired funds unconditionally held by and irrevocably credited to the escrow account of the closing agent.(3) Certified or cashier's checks that are drawn on an existing account at a:(A) bank;(B) savings and loan association;(C) credit union; or(D) savings bank;chartered under the laws of a state or the United States.(4) A check drawn on the trust account of a real estate broker licensed under IC 25-34.1, if the closing agent has reasonable and prudent grounds to believe that sufficient funds will be available for withdrawal from the account on which the check is drawn at the time of disbursement of funds from the closing agent's escrow account.(5) A personal check not to exceed five hundred dollars ($500) per closing.(6) A check issued by the state, the United States, or a political subdivision of the state or the United States.(7) A check drawn on the escrow account of another closing agent, if the closing agent in the escrow transaction has reasonable and prudent grounds to believe that sufficient funds will be available for withdrawal from the account upon which the check is drawn at the time of disbursement of funds from the escrow account of the closing agent in the escrow transaction.(8) A check issued by a farm credit service authorized under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.).(9) A check that is deposited and held in the escrow account of the closing agent for at least fourteen (14) days before the date of closing.As added by P.L.92-2009, SEC.1. Amended by P.L.72-2016, SEC.18.
IN Code § 27-7-3.7-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3.7. Escrow Transactions in Real Estate Transactions|27-7-3.7-5. "Real Estate Transaction"

Sec. 5. (a) As used in this section, "real estate transaction" refers to any:(1) escrow transaction;(2) settlement; or(3) closing;conducted in connection with the purchase, sale, or financing of an interest in real estate.(b) The term does not include a real estate secured loan financing if:(1) the only parties to the loan transaction are the lender and the borrower; and(2) the lender is responsible for disbursing all of the funds to the borrower or to a third party in order to pay fees and charges associated with the loan transaction.As added by P.L.92-2009, SEC.1.
IN Code § 27-7-3.7-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3.7. Escrow Transactions in Real Estate Transactions|27-7-3.7-6. Funds Received in Escrow Transaction to Be Deposited in Escrow Account; Exception

Sec. 6. Funds received in connection with an escrow transaction must be deposited in an escrow account unless the parties to the escrow transaction agree in writing to another arrangement.As added by P.L.92-2009, SEC.1.
IN Code § 27-7-3.7-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3.7. Escrow Transactions in Real Estate Transactions|27-7-3.7-7. Disbursements; Requirements for Funds of at Least $10,000 Received From Single Party

Sec. 7. (a) This section applies to an escrow account that contains funds that:(1) are received from any single party to a real estate transaction; and(2) in the aggregate are at least ten thousand dollars ($10,000).(b) A closing agent may make disbursements from an escrow account described in subsection (a) in connection with a real estate transaction only if both of the following apply:(1) All the funds described in subsection (a) are good funds.(2) Any funds described in subsection (a) in excess of ten thousand dollars ($10,000) are good funds described in section 4(2) of this chapter.As added by P.L.92-2009, SEC.1. Amended by P.L.72-2016, SEC.19.
IN Code § 27-7-3.7-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3.7. Escrow Transactions in Real Estate Transactions|27-7-3.7-8. Disbursements; Requirements for Funds Less Than $10,000 Received From Single Party

Sec. 8. A closing agent may not make disbursements from an escrow account in connection with a real estate transaction unless any funds that:(1) are received from any single party to the real estate transaction; and(2) in the aggregate are less than ten thousand dollars ($10,000);are good funds.As added by P.L.92-2009, SEC.1.
IN Code § 27-7-3.7-9 (2021)
2021 Indiana Code|Title 27. Insurance|Article 7. Special Types of Insurance|Chapter 3.7. Escrow Transactions in Real Estate Transactions|27-7-3.7-9. Mortgage Holder's Right to Receive Proceeds From Real Estate Transaction Through Funds Electronically Transferred to Specified Account

Sec. 9. If:(1) the closing agent in a real estate transaction receives wired funds unconditionally held and irrevocably credited to the escrow account of the closing agent; and(2) a holder of a mortgage lien encumbering real estate so requests, as part of written closing instructions or a written payoff statement in advance of closing;the holder of the mortgage lien is entitled to receive its proceeds from the real estate transaction through funds electronically transferred to an account specified by the holder of the mortgage lien.As added by P.L.92-2009, SEC.1.