Bill > HB0503

This bill modifies regulations surrounding affiliated business arrangements in title insurance, which are agreements where a person or entity involved in a real estate transaction (like a real estate agent or lender) also has an ownership interest in a title insurance company. Specifically, it amends the definition of "affiliated business" to refer to the gross title premium revenue derived from such arrangements, rather than just the transaction itself. The bill also clarifies that an affiliated business arrangement violates state law if the title entity lacks sufficient capital and net worth in a reserve account, or if 70% or more of the title entity's annual title premiums come from affiliated businesses, excluding premiums calculated using centralized rates from a title insurance underwriter. This change replaces a previous provision that set a deadline for when more than 70% of a title entity's business could be from affiliated arrangements. The bill is set to take effect on May 6, 2026.

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https://le.utah.gov/~2026/bills/static/HB0503.html