Bill > HB0135

This bill modifies Utah's real estate law, specifically Section 31A-23a-406, which governs title insurance producers' business practices. The bill introduces a new definition for an "attorney opinion letter" as a written statement from a licensed attorney that assesses the condition of real property's title without insuring against title defects. The bill expands the types of documents that can be issued in real estate transactions to include these attorney opinion letters, alongside existing title insurance policies. The legislation maintains existing requirements for title insurance producers conducting escrow services, such as maintaining trust accounts in federally insured depository institutions, keeping detailed financial records, and ensuring money is segregated and used only for specific escrow purposes. The bill also clarifies rules about depositing and disbursing funds, including specific guidelines for handling different types of financial instruments like cash, wire transfers, cashier's checks, and ACH network payments. Additionally, the bill specifies that title insurance producers must maintain a physical office in Utah and comply with various state regulations. The modifications aim to provide more flexibility and clarity in real estate transaction processes while maintaining strict financial and professional standards. The bill is set to take effect on May 7, 2025.

Business and Industry

https://le.utah.gov/~2025/bills/static/HB0135.html