(1) A title insurance entity and its affiliates or subsidiaries in possession of fiduciary funds received and belonging to others shall hold those funds in a fiduciary capacity.(2) The commissioner shall promulgate reasonable rules that are consistent with this section and are necessary or proper to: (a) Require the segregation and accounting of fiduciary funds;(b) Require notice to the commissioner by title insurance companies that are aware of a violation of the fiduciary fund segregation and accounting rules, and the appointment, suspension, or dismissal of title insurance agents; and(c) Provide for the implementation and administration of this section.(3) For the purposes of this section, 'fiduciary funds' means any money received in conjunction with closing and settlement services other than a fee charged by the title insurance company or title insurance agent to perform the closing and settlement services for a real estate transaction.Added by 2018 Ch. 73,§ 2, eff. 3/29/2018.L. 2018: Entire section added, (SB 18-125), ch. 73, p. 640, § 2, effective March 29.
Colorado Legal Code