Section 27-25-4.1 - Title agent qualifications(a) The commissioner may contract with non-governmental entities, including NAIC, to perform any ministerial functions, including the collection of fees and data, related to licensing that the commissioner may deem appropriate. The commissioner may require that license applications, license renewal applications, notices of appointments and appointment terminations, and supporting documentation be filed and all required fees and charges be paid electronically through systems operated or maintained by the non-governmental entities.(b) An individual applying for a title insurance agent license shall apply to the commissioner on the appropriate NAIC Uniform Individual Application and declare under penalty of suspension, revocation, or refusal of the license that the statements made in the application are true, correct, and complete to the best of the individual's knowledge and belief. Before approving the application, the commissioner shall find that the individual meets all of the following:(1) Is at least 19 years of age.(2) Is a bona fide resident and citizen of this state or is a full-time employee of a duly licensed title insurance agent whose principal place of business is physically located in this state.(3) Has not committed any act that is a ground for probation, suspension, revocation, or refusal of license as set forth in Section 27-25-4.5. (4) Has successfully passed the examination for title insurance as required in Section 27-25-4.3.(5) Has paid the fees set forth in Section 27-25-4.7.(c) A business entity applying for a title insurance agent license shall apply to the commissioner on the appropriate NAIC Uniform Business Entity Application and declare under penalty of suspension, revocation, or refusal of the license that the statements made in the application are true, correct, and complete to the best of the business entity's knowledge and belief. Before approving the application, the commissioner shall find that the business entity meets all of the following: (1) Is a domestic entity properly formed and existing under Title 10A and whose principal place of business is physically located in this state.(2) Has designated an individual title insurance agent licensed in this state as responsible for the business entity's compliance with this chapter and with the insurance laws, rules, and regulations of this state.(3) Has not committed an act that is a ground for probation, suspension, revocation, or refusal of license as set forth in Section 27-25-4.5.(4) Has paid the fees set forth in Section 27-25-4.7.(d) The commissioner may require any documents reasonably necessary to verify the information contained in the application.Ala. Code § 27-25-4.1 (1975)
Amended by Act 2023-104,§ 1, eff. 1/1/2024.Added by Act 2012-397,§ 2, eff. 1/1/2013.