C.R.S. Section 10-11-124
Affiliated business arrangements

  • rules
  • investigative information shared with division of real estate

(1)

Intentionally left blank —Ed.

(a)

An affiliated business arrangement is permitted where the person referring business to the affiliated business arrangement receives payment only in the form of a return on an investment and where it does not violate the provisions of section 10-11-108 (1).

(b)

A title insurance company or a title insurance agent making a referral as part of an affiliated business arrangement shall disclose the affiliation in accordance with the federal “Real Estate Settlement Procedures Act of 1974”, as amended, 12 U.S.C. sec. 2601 et seq.

(c)

Neither a title insurance company nor a title insurance agent shall require the use of an affiliated business arrangement or a particular settlement producer as a condition of obtaining title insurance services from the company or agent. For the purposes of this paragraph (c), “require the use” shall have the same meaning as “required use” in 12 CFR 1024.2.

(2)

The commissioner may promulgate rules concerning the creation and conduct of an affiliated business arrangement, including, but not limited to, rules defining what constitutes a sham affiliated business arrangement. Nothing in this subsection (2) shall be construed to increase a fee or create a licensure program for affiliated business arrangements. The commissioner shall adopt the rules, policies, or guidelines issued by the United States department of housing and urban development concerning the federal “Real Estate Settlement Procedures Act of 1974”, as amended, 12 U.S.C. sec. 2601 et seq. Rules adopted by the commissioner shall be at least as stringent as the federal rules and shall ensure that consumers are adequately informed about affiliated business arrangements. The commissioner shall consult with the real estate commission pursuant to section 12-10-218 (5) concerning rules the real estate commission may promulgate concerning affiliated business arrangements. Neither the rules promulgated by the commissioner nor the real estate commission may create a conflicting regulatory burden on an affiliated business arrangement.

(3)

The division may share information gathered during an investigation of an affiliated business arrangement with the division of real estate.

Source: Section 10-11-124 — Affiliated business arrangements - rules - investigative information shared with division of real estate, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-10.­pdf (accessed Oct. 20, 2023).

10‑11‑101
Short title 10‑11‑102
Definitions 10‑11‑103
Compliance with article required 10‑11‑104
Corporate form required 10‑11‑105
Financial requirements prior to this article 10‑11‑106
Determination of insurability required 10‑11‑107
Powers 10‑11‑108
Prohibitions 10‑11‑109
Unearned premium reserve 10‑11‑110
Amount of unearned premium reserve - release 10‑11‑111
Reserve for unpaid losses and loss expense 10‑11‑112
Net retained liability 10‑11‑113
Power to reinsure 10‑11‑114
Legal investments and admitted assets 10‑11‑115
Prior investments 10‑11‑116
Title insurance agents licensed 10‑11‑117
Title insurance agents - certain names prohibited 10‑11‑118
Title insurance - rules 10‑11‑119
Laws applicable 10‑11‑120
Corporate existence preserved 10‑11‑121
Application of article - other laws applicable 10‑11‑122
Title commitments - rules 10‑11‑123
Notification of severed mineral estates 10‑11‑124
Affiliated business arrangements - rules - investigative information shared with division of real estate 10‑11‑125
Fees, salaries, compensation, or other payments 10‑11‑126
Affiliated business arrangements - enforcement - penalties 10‑11‑127
Fiduciary responsibilities of title insurance entities - definition of fiduciary funds - deceptive act or practice - rules 10‑11‑201
Title insurance commission - creation - advisory body - appointment of members - meetings 10‑11‑202
Powers, duties, and functions - recommendations on rules 10‑11‑203
Repeal of part
Green check means up to date. Up to date

Current through Fall 2024

§ 10-11-124’s source at colorado​.gov