Alabama’s new title insurance agent licensing law
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Transcript of Alabama’s new title insurance agent licensing law
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Alabama’s New Title Insurance Agent Licensing Law
Effective January 1, 2013
www.aldoi.gov
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New Law TimelineJanuary 1, 2013 – All title agents
authorized under old law and not canceled prior to December 31, 2012, were issued “replacement” licenses and were “appointed” to represent the title insurer
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New Law Timeline (con’t)1/1/13 to 3/31/13 – Title Agents
exempt from exam must apply on or before March 31
1/1/13 to 6/30/13 – Title Agents with “replacement” licenses must apply under new law
7/1/13 – “Replacement” licenses will expire
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New Law Timeline (con’t)July 1, 2013 – Examination
Requirement – law allows the Commissioner 24 months to implement. We anticipate having the exam ready on July 1, 2013.
January 1, 2014 – Fingerprinting Requirement – law allows the Commissioner 24 months to implement. We anticipate requiring fingerprints by January 1, 2014.
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New Law Timeline (con’t)1/1/2014 to 12/31/2014 – Individual Title
Agents born in even-numbered years – license expires at end of birth month – can renew beginning 75 days prior to expiration.◦$40 biennial license fee – if renewed on time
◦$90 late renewal fee – within 30 days after expiration date (license does not lapse)
◦$80 reinstatement fee – within 12 months
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New Law Timeline (con’t)10/1/2014 to 12/31/2014 –
Business Entity Title Agents renew – license expires 12/31 of even years◦$100 biennial license fee◦$150 late renewal fee – within 30 days after expiration date (license does not lapse)
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New Law Timeline (con’t)1/1/2015 to 12/31/2015 – Individual Title
Agents born in odd-numbered years – license expires at end of birth month – can renew beginning 75 days prior to expiration.◦$40 biennial license fee – if renewed on time
◦$90 late renewal fee – within 30 days after expiration date (license does not lapse)
◦$80 reinstatement fee – within 12 months
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Title Agent Regulation
Rule 3 – Prelicensing Course◦20 hour course – approved provider
◦Must have certificate of completion (COC) with you to take the state exam.
◦The COC is only valid for 12 months.
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Title Agent Regulation
Rule 6 – Examination◦Only 2 exceptions:5-year rule – one-time exemption
12-month rule – for any title agent previously licensed under the new law by passing exam or exempt under 5-year rule, within 12 months of cancelling license
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Title Agent Regulation
Rule 6 – Examination◦Limitations on Repeat ExamsFirst 2 attempts – no limitationsAfter 2nd failure, must wait 3 months
No waiting period after 3rd failureAfter 4th failure, must wait 6 months
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Title Agent Regulation
Rule 6 – Examination ◦Results given immediately◦Must apply for license within 12 months of passing exam
◦$75 exam fee – to be paid with each exam attempt
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Title Agent Regulation
Rule 7 – Title Agent License◦Required to “issue” or “sign” title commitment, policy, endorsement
◦Business Entity Agent: Alabama entity with principal place of business physically located in Alabama
At least one licensed individual
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Title Agent Regulation
Rule 7 – Title Agent License ◦Individual Agent: Must be at least 19 years of age and either: Alabama resident Full-time employee of licensed agent with principal place of business physically located in Alabama
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Title Agent Regulation
Rule 7 – Title Agent License
◦Both Individual Agents and Business Entity Agents: Must be appointed by the title insurer
Must keep name and address current with DOI - $50 penalty for failure to report change with 30 days.
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Title Agent Regulation
Rule 8 – License Renewal◦All renewals done on-line◦Fees: Individuals:$40 if paid on time$90 if paid within 30 days$80 if paid within 12 months
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Title Agent Regulation
Rule 8 – License Renewal◦Fees:Business Entities:$100 if paid on time$150 if paid within 30 days
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Title Agent Regulation
Rule 8 – License Renewal◦Timing: Individual licenses expire in month of birth – even or odd years based on year of birth:Born in even year, renew in 2014 and every other year thereafter
Born in odd year, renew in 2015 and every other year thereafter
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Title Agent Regulation
Rule 8 – License Renewal◦Timing:Business entity licenses expire December 31, 2014, and every other year thereafterRenew on-time Oct 1 to Dec 31Renew with late fee until Jan 31
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Title Agent Regulation
Rule 9 – Continuing Education◦24 hours, of which 3 are in ethics◦Cannot renew license without CE◦2014 renewals only have to do 12 hours, 2 in ethics
◦Teachers of CE course can only get same credit as students
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Title Agent Regulation
Rule 9 – Continuing Education◦Title agents can only get credit for an particular course once per reporting period
◦A “classroom” hour is 50 minutes
◦Exempt from CE if licensed less than one year at time of license expiration
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Title Agent Regulation
Rule 11 – Appointments◦All title agents must be appointed by the title insurer they represent
◦All appointments are handled on-line by the title insurer
◦Notice of appointment should be completed within 15 days
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Title Agent Regulation
Rule 11 – Appointments◦All cancellations handled on-line
◦Appointment renewals handled under Regulation 109
◦Appointment fees: $30 for notice of appointment $10 for each annual renewal
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Title Agent Regulation
Rule 12 – Compliance◦All title agents must renew or license will expire
◦Individual title agents must complete CE to renew
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Title Agent Regulation
Questions?
www.aldoi.gov