054.00.07 Ark. Code R. 004
Current through Register Vol. 49, No. 10, October, 2024
Rule 054.00.07-004 - Rule 88: Title Insurance Licensing and Appointment FeesSECTION 1.PURPOSEThe purpose of this Rule is to implement and clarify the pertinent fees of Act 684 of 2007 (the "Arkansas Title Insurance Act") and Arkansas Insurance Department Rule 87 "Title Insurance" and to set the fee standards and guidelines for applicants seeking Title Insurance Agent and Agency licenses in the State of Arkansas.
SECTION 2.AUTHORITYThe authority for this Rule is power given to the Insurance Commissioner for the State of Arkansas by the Arkansas Title Insurance Act, provisions of Ark. Code Ann. §§ 23-61-701 et seq., § 23-61-108, §§ 25-15-201 et seq., and other applicable Arkansas laws.
SECTION 3.APPLICABILITY AND SCOPEA. This Rule shall apply to all applicants seeking a title insurance agent or agency license under the Arkansas Title Insurance Act, Ark. Code Ann. §§ 23-103-401 et seq.B. This Rule shall apply to title insurance agents or agencies previously licensed pursuant to the repealed Arkansas Title Insurance Agents' Licensing Act, §§ 23-103-101 et seq. who continue to meet all the residency and other requirements of the Arkansas Title Insurance Act and this Rule, effective January 1, 2008.C. This Rule shall apply to title insurers, title insurance agents, and title insurance agencies.D. Those not required to have a license under the Arkansas Title Insurance Act are exempt from this Rule.SECTION 4.TITLE INSURANCE AGENT LICENSING FEESA. APPLICANTS FOR NEW, FIRST TIME AGENT LICENSE (1) Administrative and Regulatory Fee ------------------------------ $35 (a) Each new title insurance agent applicant for a first time license shall pay a nonrefundable THIRTY-FIVE DOLLAR ($35) Administrative and Regulatory Fee ("ARF") for each and every original title insurance license as referenced in Ark. Code Ann. § 23-61-706(b).(b) Such fees shall be payable to "The State Insurance Department Trust Fund".(2) Background Check Fee -------------------------------------------- $22 (a) Each new title insurance agent applicant for a first time license shall pay a nonrefundable TWENTY-TWO DOLLAR ($22) fee for the ASP-122 Background Check.(b) Such fees shall be payable separately to "The State Insurance Department Trust Fund" and must be attached to the ASP-122 form. Payment for the ASP-122 cannot be in the form of a personal check.(3) Examination Fees (a) Examination fees will be determined by the examination provider and such fees will be paid directly to the provider.B. ANNUAL RENEWAL FEES FOR TITLE INSURANCE AGENT LICENSES (1) Administrative and Regulatory Fee ------------------------------ $35 (a) Each title insurance agent licensee shall pay a nonrefundable THIRTY-FIVE DOLLAR ($35) fee for each and every title insurance agent license renewal.(b) Such fees shall be payable to "The State Insurance Department Trust Fund".(2) Continuing Education Filing Fee --------------------------------- $10 (a) Each title insurance agent, upon renewal, shall pay a nonrefundable TEN DOLLAR ($10) Continuing Education Filing Fee.(b) Such fees shall be payable to "The State Insurance Department Trust Fund".(c) Failure to obtain or report educational requirements along with the fee imposed annually to the Commissioner on or before the birthday of the licensee shall result in the fines contained in Ark. Code Ann. § 23-64-304(d).(3) Late Renewal Penalty Fee --------------------------------------- $105(4) Renewal will be on or before the title insurance agent's birthday, after the year of issue.(5) For title insurance agent licenses in effect on December 31, 2007, the first title insurance agent license renewal will be due January 31, 2008. The first renewal based on the licensee's birthday will start January 1, 2009.C. CERTIFICATION OF LICENSE FEE ------------------------------------ $10SECTION 5.TITLE INSURANCE AGENCY LICENSING FEESA. APPLICANTS FOR NEW, FIRST TIME LICENSE ----------------- $250 (1) Each new agency applicant for a first time license shall pay a nonrefundable TWO HUNDRED FIFTY DOLLAR ($250) fee for each and every original title insurance agency license.(2) The fee of TWO HUNDRED FIFTY DOLLARS ($250) includes the Administrative and Regulatory Fee ("ARF") of THIRTY-FIVE DOLLARS ($35) as referenced in Ark. Code Ann. § 23-61-706(b).B. TITLE INSURANCE AGENCY AFFILIATION FEE ------------------- $10 (1) If a licensed individual title insurance agent is acting for a title insurance agency, the agency must add the individual to the agency license, and an affiliation form and fee must be submitted to the Department.C. TITLE INSURANCE AGENCY TERMINATION OF AFFILIATION FEE ----------------------------------------------------------- $10 (1) If the affiliation of a title insurance agent with a title insurance agency will be terminated, a termination form and fee must be submitted to the Department.D. ANNUAL RENEWAL FEES FOR TITLE INSURANCE AGENCY LICENSES -------------------------------------------------------------------- $250 (1) Each agency title insurance licensee shall pay a nonrefundable TWO HUNDRED FIFTY DOLLAR ($250) fee for each and every title insurance license renewal.(2) The fee of TWO HUNDRED FIFTY DOLLARS ($250) includes the Administrative and Regulatory Fee ("ARF") of THIRTY-FIVE DOLLARS ($35) as referenced in Ark. Code Ann. § 23-61-706(b).(3) Late Renewal Penalty Fee --------------------------------------- $100(4) Renewal deadlines for each title insurance agency license shall be October 1 of each year.(5) For title insurance agency licenses in effect on December 31, 2007, the first title insurance agency license renewal will be January 31, 2008, with the next renewal date occurring October 1, 2009. Thereafter, the renewal will occur October 1 of each year.C. CERTIFICATION OF LICENSE FEE ------------------------------------ $10SECTION 6.TITLE INSURANCE AGENT APPOINTMENT FEESA. LICENSED TITLE INSURANCE AGENT APPOINTMENT FEE ------------------------------------------------------------------------------- $20
(1) A title insurer must submit a form and fee to the Department for each title insurance agent or agency appointment.B. LICENSED TITLE INSURANCE AGENT APPOINTMENT RENEWAL FEE --------------------------------------------------------------- $20 (1) As of June 1 of each year, an invoice will be mailed to each title insurer reflecting all active title insurance agent appointments as of that date.(2) Appointment renewal payment will be due thirty (30) days from the invoice date.(3) Appointment renewal fees will double if the payment is late.SECTION 7.EFFECTIVE DATEThe provisions of this Rule shall be effective on January 1, 2008.
054.00.07 Ark. Code R. 004