Meeting of the Title & Escrow and Real Estate Commissions - June 12, 2023 - Agenda and R592-6 Rules

Sep 15, 2026

Uploaded by Oliver

June 12, 2023 meeting materials for Utah’s Title & Escrow Commission and Real Estate Commission outline leadership, attendee roles, and a public agenda covering welcome, telephone roll call, and new business topics including cyber and wire fraud awareness, vacant land property scams, post-policy fraud and forgery coverage, earnest money options, legislative changes, and the value of title insurance and related concepts. The agenda then introduces TEC 2023 goals and the rule R592-6, Unfair Inducements and Marketing Practices in Obtaining Title Insurance Business, including authority, purpose and scope, and detailed definitions used in the rule.

LanguageEnglish

CategoryPresentations

FormatPDF

Pages15

Reading Time5 min

AccessFree to download

Agenda

General Session (Open to the Public)

TEC 2023 Goals

Rule R592-6: Unfair Inducements and Marketing Practices in Obtaining Title Insurance Business

R592-6 Provisions

Authority

Purpose and Scope

Definitions

Prohibited Unfair Methods of Competition

State of Utah SPENCER J. COX Governor DEIDRE M. HENDERSON Lieutenant Governor Insurance Department JONATHAN T. PIKE Insurance Commissioner Meeting of the Title & Escrow and Real Estate Commissions Date: June 12, 2023 Time: 10:00 AM Place: In Person Taylorsville SOB 4315 S. 2700 W. Flaming Gorge Room Taylorsville, UT 84129 Virtual Google Meet [meet.google.com/enr-nfnb-ybw](meet.google.com/enr-nfnb-ybw)[ ](meet.google.com/enr-nfnb-ybw)224-814-1361 Phone 644 486 123\# Password ATTENDEES TITLE & ESCROW COMMISSION | Chair, Kim Holbrook (Insurer, Davis County) Vice Chair, Chase Phillips (Agency, Weber County) Jeff Mathews (Public Member, Morgan County) | Darla Milovich (Agency, Salt Lake County) VACANT (Agency) | | --- | --- | | Jon Pike, Insurance Commissioner | Reed Stringham, Deputy Commissioner | | Tracy Klausmeier, P&CDivision Director Steve Gooch, PIO Recorder | Adam Martin, Market Conduct Examiner | REAL ESTATE COMMISSION | Randy Smith (Chair)
Marie McClelland (Vice Chair)
Jim Bringhurst (Commissioner) | Rick Southwick (Commissioner)
Andrea Wilson (Commissioner) | | --- | --- | | Jonathan Stewart, Real Estate Division Director | Maelynn Valentine, Board Secretary | AGENDA General Session: (Open to the Public) • Welcome / Kim Holbrook, Chair • Telephone Roll Call • New Business o TEC 2023 goal to increase awareness of cyber and wire fraud on consumers and agencies o Vacant land property scams o Post-policy fraud and forgery coverage—the value of a title insurance policy o Earnest money options and legislative changes to allow new funds transfer technologies o The value of a CPL o Rule R592-6: Unfair Inducements and Marketing Practices in Obtaining Title Insurance Business Executive Session (None) • Adjourn • Next Meeting: TBD—October 16 proposed TEC 2023 Goals 1. Continue making sure testing is relevant 2. Continue working with the Real Estate Commission 3. Continue working with the ULTA as a liaison 4. Increase awareness of cyber and wire fraud's effect on consumers and agencies 5. Increase awareness of affiliated business arrangements (ABA) R592. Insurance, Title and Escrow Commission. R592-6. Unfair Inducements and Marketing Practices in Obtaining Title Insurance Business. R592-6-1. Authority. This rule is promulgated by the Title and Escrow Commission pursuant to Subsection 31A-2-404(2) . R592-6-2. Purpose and Scope. (1) The purpose of this rule is to identify practices that constitute unfair methods of competition because the practices create unfair inducements for the placement of title insurance business. (2) This rule applies to any person identified in Subsection 31A-23a-402(2)(a). R592-6-3. Definitions. Terms used in this rule are defined in Sections 31A-1-301 and 31A-2-402. Additional terms are defined as follows: (1) "Bona fide real estate transaction" means: (a) a preliminary title report is issued to a seller or listing agent in conjunction with the listing of a property; or (b) a commitment for title insurance is ordered, issued, or distributed in a purchase and sale transaction showing the name of the proposed buyer and the sales price, or in a loan transaction showing the proposed lender and loan amount. (2)(a) "Business activities" include sporting events, sporting activities, musical events, and art events. (b) "Business activities" do not include awards banquets, recognition events, or similar activities sponsored by or for clients, or commercial travel. (3)(a) "Business meals" include breakfast, brunch, lunch, dinner, cocktails, and tips. (b) "Business meals" do not include awards banquets, recognition events, or similar activities sponsored by or for clients. (4)(a) "Client" means any person, or group, who influences, or who may influence, the placement of title insurance business or who is engaged in a business, profession, or occupation of: (i) buying or selling interests in real pr

FAQs

What topics are included in the June 12, 2023 general session agenda?

The agenda includes welcome and roll call, new business items on cyber and wire fraud awareness, vacant land property scams, the value of title insurance coverage after policy issuance, earnest money options and legislative changes, the value of a CPL, and rule R592-6 on unfair inducements and marketing practices.

What are the TEC 2023 goals stated in the meeting materials?

Goals include keeping testing relevant, continuing work with the Real Estate Commission, working with ULTA as a liaison, increasing awareness of cyber and wire fraud’s effects on consumers and agencies, and increasing awareness of affiliated business arrangements (ABA).

What is the purpose of Rule R592-6 and who does it apply to?

Rule R592-6 identifies practices that constitute unfair methods of competition because they create unfair inducements for placing title insurance business, and it applies to persons identified in the referenced statutory subsection.

Sep 15, 2026

Uploaded by Oliver