Sec. 2651.013. DIVISION OF PREMIUM HELD IN TRUST; RULES. (a) The funds held by a title insurance agent that are owed to a title insurance company, another title insurance agent, or a direct operation arising from a division of premium, whether as determined under rules adopted by the commissioner or by agreement among the parties, are considered to be held in trust for the title insurance company, other title insurance agent, or direct operation.
(b) This section does not require, and the commissioner may not require by rule, that funds described by Subsection (a) be held in a separate account subject to an external audit. This section does not affect the department's or association's authority to examine or audit a title agent or direct operation.
Added by Acts 2009, 81st Leg., R.S., Ch. 1025 (H.B. 4338), Sec. 14, eff. September 1, 2009.
Structure Texas Statutes
Subtitle D - Title Insurance Professionals
Chapter 2651 - Title Insurance Agents and Direct Operations
Subchapter A. Title Insurance Agent's License
Section 2651.001. License and Bond or Deposit Required
Section 2651.002. License Application
Section 2651.0021. Professional Training Program
Section 2651.003. License and Renewal Fees
Section 2651.004. License Issuance
Section 2651.005. Duplicate License
Section 2651.006. License Term
Section 2651.007. License Renewal
Section 2651.008. Records of Agents
Section 2651.009. Multiple Appointments
Section 2651.010. Suspension of License
Section 2651.011. Privileged Communications; Financial Information
Section 2651.012. Unencumbered Assets