Sec. 2651.157. ENFORCEMENT; HEARING. (a) After notice and hearing, the department may revoke the license or certificate of authority of a title insurance agent, direct operation, or title insurance company that:
(1) fails to furnish an audit report in the time required; or
(2) furnishes an audit report that reveals any irregularity, including a shortage, or any practice not in keeping with sound, honest business practices.
(b) The notice must be provided to the agent, the direct operation, or each title insurance company involved.
(c) At a hearing under this section, the agent, direct operation, or title insurance company may offer evidence explaining or excusing a failure or irregularity.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.
Structure Texas Statutes
Subtitle D - Title Insurance Professionals
Chapter 2651 - Title Insurance Agents and Direct Operations
Section 2651.151. Annual Audit of Trust Fund Accounts: Title Insurance Agents and Direct Operations
Section 2651.152. Annual Audit of Trust Fund Accounts: Title Insurance Companies
Section 2651.154. Performance of Audit by Public Accountant
Section 2651.155. Confidentiality of Audit
Section 2651.156. Failure to Receive Audit Report From Agents or Direct Operations