(1) When a title insurance commitment to insure a title or risk is issued at the request of the insured or the insured’s representative, agent, or agency, a portion of the premium must be charged for the commitment when issued. The portion of the premium charged for the commitment must be credited to the premium due upon issuance of the title insurance policy.
(2) The amount charged under subsection (1) must be collected no later than the date of the closing or 12 months after the date of the commitment, whichever occurs earlier, or another date agreed to in writing at the time of issuance of the commitment.
(3) This section does not apply to a transaction involving a residential property.
History.—s. 97, ch. 92-318; s. 14, ch. 99-286.
Structure Florida Statutes
Chapter 627 - Insurance Rates and Contracts
Part XIII - Title Insurance Contracts (Ss. 627.7711-627.798)
627.776 - Applicability or inapplicability of Florida Insurance Code provisions to title insurers.
627.7773 - Accounting and auditing of forms by title insurers.
627.7776 - Furnishing of supplies; civil liability.
627.780 - Illegal dealings in premium.
627.7831 - Commitments; charges; collection.
627.784 - Casualty title insurance prohibited.
627.7841 - Insurance against adverse matters or defects in the title.
627.7843 - Property information reports.
627.785 - Preemption by state.
627.786 - Transaction of title insurance and any other kind of insurance prohibited.
627.7865 - Title insurer assessments.
627.791 - Penalties against title insurers for violations by persons or entities not licensed.
627.792 - Liability of title insurers for defalcation by title insurance agents or agencies.