3 Colo. Code Regs. § 702-8-1-3-4

Current through Register Vol. 48, No. 1, January 10, 2025

Section 3 CCR 702-8-1-3-4 - Definitions

A. "Affiliate" means a person who directly, or indirectly through one or more intermediaries:

1. controls a title entity;

2. is controlled by a title entity; or

3. is under common control with a title entity.

B. "Affiliated business arrangements" shall have the same meaning as set forth in § 10-11-102(1), C.R.S. Affiliated business arrangements are distinct from controlled business arrangements, which are defined by § 10-2-401(4), C.R.S.

C. "Application for title insurance" shall mean receipt by a licensed title entity of an order for a title insurance commitment or other title insurance product that contains information about all parties and details concerning a title insurance transaction.

D. "Business of title insurance" shall have the same meaning as set forth in § 10-11-102(3), C.R.S.

E. "Commitment" or "title commitment" shall mean a report furnished in connection with an application for title insurance, which is a statement of the requirements, terms, and conditions upon which the title insurance company is willing to insure an interest in a subject property.

F. "Core title services" shall have the same meaning as set forth in the United States Department of Housing and Urban Development (HUD) RESPA Statement of Policy 1996-4.

G. "Division" means the Colorado Division of Insurance.

H. "Fair Market Value" means, for the purpose of this regulation, a price that represents the value of a product or service being provided, which must include cost and profit.

I. "Fee" means, for purposes of this regulation only, the price other than the Rates (see subparagraph L below) assessed to a consumer by a title entity in rendering services pursuant to the business of title insurance as defined in § 10-11-102, C.R.S.

J. "Ownership and encumbrance report" ("O&E") means information identifying the last recorded owner, legal description and recorded unreleased deeds of trust, or mortgages of a particular parcel of real property available from public records.

K. "Person" has the same meaning as that in § 10-2-103(8), C.R.S.

L. "Rate", for purposes of this regulation, means expenses as defined in § 10-4-402 (1.5), C.R.S., together with the pure premium rate as defined in § 10 4 402(2.4), C.R.S., and includes production expenses and commissions, in accordance with § 10-4-403, C.R.S.

M. "Remuneration" means, for the purposes of this regulation, any type of payment or compensation.

N. "Services actually rendered" for the purposes of this regulation includes, but is not limited to, a reasonable examination of title, including instruments of record, and a determination of insurability of such title in accordance with sound underwriting practices. "Services actually rendered" does not include the mere referral of title insurance business.

O. "Settlement producer" shall have the same meaning as set forth in § 10-11-102 (6.5), C.R.S., and does not include insurance producers as defined in § 10-2-103(6), C.R.S.

P. "Settlement services" shall have the same meaning as in § 10-11-102 (6.7), C.R.S.

Q. "TBD commitment" shall mean a report, in the form of a commitment, furnished prior to receipt of an application for title insurance, in which the buyer, sales amount, and loan amount, among other possible details, are not yet known.

R. "Title insurance agency" means, for the purpose of this regulation, a corporation, partnership, association, or foreign or domestic entity as defined in § 7-90-102, C.R.S., or other legal entity that transacts the business of insurance.

S. "Title insurance agent" shall have the same meaning as in § 10-11-102(9), C.R.S.

T. "Title insurance company" shall have the same meaning as in § 10-11-102(10), C.R.S.

U. "Title entity" shall mean title insurance agents, title insurance agencies and title insurance companies, unless otherwise stated in the regulation.

V. "Trip", means, for the purposes of this regulation, a journey or getaway that includes any one or more of the following:

1. Air travel;

2. Travel outside the state of Colorado;

3. Any overnight lodging or accommodation.

3 CCR 702-8-1-3-4

38 CR 17, September 10, 2015, effective 10/1/2015

39 CR 14, July 25, 2016, effective 8/15/2016

40 CR 03, February 10, 2017, effective 3/15/2017

41 CR 12, June 25, 2018, effective 7/15/2018

42 CR 14, July 25, 2019, effective 8/15/2019

43 CR 14, July 25, 2020, effective 8/15/2020

45 CR 16, August 25, 2022, effective 9/14/2022