La. Admin. Code tit. 7 § V-113

Current through Register Vol. 50, No. 11, November 20, 2024

Section V-113 - Title Opinion

A. The State Market Commission shall develop and maintain for public examination at any time a listing of attorneys whose title opinions will be acceptable to the market commission.

B. In order to have his or her name included on the State Market Commission Listing of Approved Attorneys, an applicant shall submit the following information:

1. a resume of his or her experience in the practice of real estate law;

2. a list of three or more attorneys who are familiar with his or her practice in real estate law who may be contacted for reference.

C. Minimum requirements for approval of attorneys providing title opinions shall be as follows:

1. one or more years since admission to the bar;

2. a minimum of 25 percent of the attorney's practice devoted to real estate matters;

3. at least 25 prior real estate closings and/or title opinions;

4. a favorable recommendation from the attorneys given as reference;

5. favorable recommendation from three or more lending institutions, savings and loan associations, finance companies, the Small Business Administration, the Farmers Home Administration, the Production Credit Association, the Federal Housing Authority, and other similar organizations to whom the attorney has rendered title opinion letters on property.

D. The attorney may also provide evidence of prior approval to write title insurance for any title insurance company.

E. Applicants for inclusion on the State Market Commission Listing of Approved Attorneys shall pay a fee of $25 at the time of filing request for inclusion on the list, which fee shall be deposited in the general fund of the state of Louisiana and shall be non-refundable to the applicant regardless of the decision of the market commission with respect to the listing.

F. Any applicant for listing on the State Market Commission Listing of Approved Attorneys who is denied a listing may appeal the decision of the State Market Commission under the general appeals procedures of the State Department of Agriculture.

G. Pending development of a comprehensive Listing of Approved Attorneys, the market commission may approve attorneys on an individual basis, but the market commission shall not approve attorneys for title opinions in the absence of all information required under §113. B after November l, 1980.

H. Applicants for inclusion on the State Market Commission Listing of Approved Attorneys may make application at any time throughout the calendar year, and the names of approved applicants shall be added to the listing immediately upon approval action by the market commission.

I. The applicant for a market commission loan shall be responsible for the payment of any fee for the required title opinion.

J. The listing of any attorney on the State Market Commission Listing of Approved Attorneys shall be valid for a period of two years from the date of the commission's approval.

1. Thirty days prior to the second anniversary of each listing, the market commission staff shall notify the attorney, at the last address furnished by the attorney, of the date on which approval for the listing will terminate.

2. The attorney so notified may renew his or her listing for an additional two year period upon payment of a $5 renewal fee without the necessity for submission of the information required in §113 B

K. The market commission staff may recommend to the market commission at any time the removal from the listing of approved attorneys any attorney who, in their judgment, should be removed.

L. Any attorney so removed from the State Market Commission Listing of Approved Attorneys shall be immediately notified in writing of the removal and may appeal such removal under the general appeals procedures of the Department of Agriculture.

M. Upon request, the State Market Commission shall furnish any applicant or interested citizen a copy of the listing of approved attorneys.

La. Admin. Code tit. 7, § V-113

Promulgated by the Department of Agriculture, Market Commission, LR 6:255 (June 1980), amended LR 7:261 (May 1981).

AUTHORITY NOTE: Promulgated in accordance with R.S. 3:404.