3 Colo. Code Regs. § 702-8-1-4-4

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

Section 3 CCR 702-8-1-4-4 - 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. "Closing and settlement services" shall have the same meaning as § 10-11-102 (3.5), C.R.S.

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

D. "Reconcile" means, for the purpose of this regulation, the accounting process of comparing transactions and activity in order to balance accounts and resolve any discrepancies in an amount that exceeds five hundred dollars ($500.00).

E. "Sweep account" means, for the purposes of this regulation, a banking arrangement in which a bank account balance is automatically transferred to and from another account.

F. "Title insurance agency" shall mean 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 title insurance.

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

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

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

3 CCR 702-8-1-4-4

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