State of Utah Title & Escrow Commission Meeting

Meeting Information

State Office Building Suite 3110, Salt Lake City, UT 84114-6901 ♦ (801) 538-3800 ♦ Facsimile (801) 538-3829 ♦ www.insurance.utah.gov

State of Utah

GARY R. HERBERT

Governor

SPENCER J. COX Lieutenant Governor

TODD E. KISER Commissioner

Insurance Department

Date: May 8, 2017 Time: 9:00 AM Place: East Building, Copper Room or by telephone: 1-877-820-7831 passcode: 827555#

MEMBERS COMMISSION MEMBERS

Chair, David Moore (Agency, Salt Lake County) Matthew Jagerson (Agency, Utah County) Vice Chair, Bob Rice (Insurer, Ada County, ID) Jeff Wiener (Insurer, Salt Lake County) Sylvia Andersen (Public Member, Salt Lake County)

DEPARTMENT STAFF

Todd Kiser, Ins. Commissioner Brett Barratt, Deputy Comm. Perri Babalis, AG Counsel - TEC Suzette Green-Wright, MC Dir. Randy Overstreet, Licensing Dir. Reed Stringham, AG Counsel - UID Angie Watson, Examiner Adam Martin, Examiner Lisa Watts Baskin, ALJ Steve Gooch, PIO Recorder

AGENDA

General Session: (Open to the Public) • Welcome / David Moore, Chair • Telephone Roll Call • Adopt Minutes of Previous Meeting • Reports

o Concur with Licensee Report / Suzette o Concur with Complaint & Enforcement Report / Suzette o Request for Dual Licensee Expedited Request: None o Request for Attorney Exemption: Brandon L. Kidman Trevor C. Mooney

• Administrative Proceedings Action / Lisa Watts Baskin, ALJ o Stipulation and Order: Linear Title Agency of Utah (ENF# 3872) BNT of Utah LLC (ENF #3878)

o Order to Show Cause: None o Informal Adjudicative Proceeding and Order: None o Notice of Formal Adjudicative Proceeding: None

• Board Duties & Responsibilities / Perri • New Business

o Discuss 31A-23a-406(1)(g) / Jeff o Discuss DRE purchase contract addendum and draft version of R592-18 / Jeff

• Old Business o Update on commissioner terms / Steve o Update on department website regarding "active" vs. "authorized" status / Randy

• Other Business • Hot Topics

Executive Session (None)

• Adjourn • Next Meeting: June 12, 2017 — Copper Room

2017 Meeting Schedule in Copper Room

Jan 9 Feb 13 (SOB B110) Mar 13 Apr 3 May 8 Jun 12 Jul 10 Aug 14 Sept 11 Oct 2 Nov 13 Dec 11

Title Agency Licensing activity for Apr 2017

New Licenses:

NONE

Lapsed Licenses:

NONE

Reinstated Licenses: Original Expiration Reinstated

Agency ID Agency Name Issue Date Date Date Subline6547 MOUNTAIN VIEW TITLE & ESCROW, INC 6-Mar-79 31-Mar-19 6-Apr-17 TE6547 MOUNTAIN VIEW TITLE & ESCROW, INC 6-Mar-79 31-Mar-03 6-Apr-17 TE6547 MOUNTAIN VIEW TITLE & ESCROW, INC 6-Mar-79 31-Mar-03 6-Apr-17 TMR6547 MOUNTAIN VIEW TITLE & ESCROW, INC 6-Mar-79 31-Mar-19 6-Apr-17 TMR6547 MOUNTAIN VIEW TITLE & ESCROW, INC 6-Mar-79 31-Mar-19 6-Apr-17 TS6547 MOUNTAIN VIEW TITLE & ESCROW, INC 6-Mar-79 31-Mar-03 6-Apr-17 TS160146 UNITY TITLE LLC 4-Mar-09 31-Mar-19 4-Apr-17 TE160146 UNITY TITLE LLC 4-Mar-09 31-Mar-19 4-Apr-17 TS

Title Agent Licensing Activity for Apr 2017

New Licenses: Original Expiration

IndvId Name Issue Date Date Subline1698436 ANDERSON, ERICA 3-Apr-17 31-Dec-19 TE1703740 BARTHOLOMEW, AARON 7-Apr-17 31-Jul-19 TE1706100 DELAHUNTY, KATHERINE 27-Apr-17 30-Apr-19 TE1705090 DELAHUNTY, KATHERINE 19-Apr-17 31-Mar-20 TE1702950 FLINT, MCCAULEY 3-Apr-17 30-Sep-19 TMR1702951 HORTON, RODNEY 10-Apr-17 31-Aug-19 TMR1702363 JEPPESEN, KAMIE 14-Apr-17 31-Jul-19 TE1704118 KIDMAN, BRANDON 10-Apr-17 30-Jun-19 TE1704118 KIDMAN, BRANDON 10-Apr-17 30-Jun-19 TS1704118 KIDMAN, BRANDON 10-Apr-17 30-Jun-19 TMR1704210 LIECHTY, TYLER 21-Apr-17 30-Nov-19 TE1704538 MARCHESSAULT, SHIANNE 13-Apr-17 31-Aug-19 TE1701286 MERRICK, CALLAN 3-Apr-17 30-Sep-19 TE1704204 NEVILLE, PATRICK 17-Apr-17 29-Feb-20 TS1705007 SCHAMBER, BLAIR 26-Apr-17 30-Jun-19 TE

Lapsed Licenses: Original Expiration Lapsed

IndvId Name Issue Date Date Date Subline37549 CULLIMORE, SARAH 27-Feb-98 31-Mar-17 30-Apr-17 TMR

124447 JENSEN, JENNIFER 8-May-08 31-Mar-17 30-Apr-17 TE124447 JENSEN, JENNIFER 27-Jan-06 31-Mar-17 30-Apr-17 TMR129680 MERLO, BECKIE 14-Jun-06 31-Mar-17 30-Apr-17 TE

95271 ROBISON, SHONDA 16-Oct-03 31-Mar-17 30-Apr-17 TE95271 ROBISON, SHONDA 18-Aug-08 31-Mar-17 30-Apr-17 TS

Lapsed Licenses (continued): Original Expiration Lapsed

IndvId Name Issue Date Date Date Subline76895 SNOW, RYAN 8-Apr-03 31-Mar-17 30-Apr-17 TE76895 SNOW, RYAN 6-May-02 31-Mar-17 30-Apr-17 TS

1585763 WEIERHOLT, PEDER 18-Mar-15 31-Mar-17 30-Apr-17 TE1585763 WEIERHOLT, PEDER 18-Mar-15 31-Mar-17 30-Apr-17 TS

Reinstated Licenses: Original Expiration Reinstated

IndvId Name Issue Date Date Date Subline39357 FELIX, GARTH 14-Jun-93 30-Jun-03 7-Apr-17 TE39357 FELIX, GARTH 14-Jun-93 30-Apr-18 7-Apr-17 TE84856 MCCOY, CURTIS 6-Dec-02 31-Dec-18 12-Apr-17 TS84856 MCCOY, CURTIS 8-Jun-07 31-Dec-18 12-Apr-17 TE

1551962 Mathewson, Lori 6-Jan-14 31-Jul-18 14-Apr-17 TE45403 ROWLEY, WILLIAM 29-Sep-83 30-Nov-18 27-Apr-17 TS45403 ROWLEY, WILLIAM 29-Sep-83 30-Sep-03 27-Apr-17 TE45403 ROWLEY, WILLIAM 29-Sep-83 30-Sep-03 27-Apr-17 TS45403 ROWLEY, WILLIAM 29-Sep-83 30-Nov-18 27-Apr-17 TE

2017

Req

uest

s for

Exe

mpt

ion

from

Titl

e A

genc

y T

rain

ing

Req

uire

men

ts

(3

1A-2

3a-2

04)

Dat

e

U

tah

Insu

ranc

e D

epar

tmen

t Ti

tle a

nd E

scro

w

Com

mis

sion

M

onth

N

ame

Supp

ortin

g In

form

atio

n R

ecei

ved

Prel

imin

ary

App

rova

l Pr

elim

inar

y D

isap

prov

al

App

lican

t N

otifi

ed

Con

cur

Non

-co

ncur

May

Bra

ndon

L K

idm

an

Yea

r lic

ense

d as

att

orne

y –

Lice

nsed

with

Uta

h St

ate

Bar

sinc

e 10

/20/

2009

. In

s. lic

ense

his

tory

– L

icen

sed

as P

rodu

cer w

ith

Title

Esc

row

, Titl

e Ex

amin

atio

n, &

Titl

e M

arke

ting

sinc

e 4/

10/2

017.

L

egal

rea

l est

ate

rela

ted

expe

rien

ce

Expe

rienc

e as

pra

ctic

ing

atto

rney

in U

tah

in

man

y ar

eas o

f rea

l est

ate

trans

actio

ns a

nd

litig

atio

n si

nce

2009

, inc

ludi

ng:

a) t

rans

actio

nal e

xper

ienc

e - o

btai

ning

cha

nge

in

dens

ity re

quire

men

ts, r

epre

sent

ing

and

help

ing

clie

nts i

n co

mpl

ex c

omm

erci

al tr

ansa

ctio

ns,

incl

udin

g dr

aftin

g, re

view

ing

& n

egot

iatin

g co

ntra

cts o

f sal

e an

d R

EPCs

, sec

urin

g re

al e

stat

e fin

anci

ng, r

epre

sent

ing

HO

As i

n co

ntra

ct

nego

tiatio

ns, e

stat

e pl

anni

ng &

pro

bate

rela

ted

trans

actio

ns &

con

veya

nces

; b)

law

firm

litig

atio

n ex

perie

nce

– re

pres

entin

g cl

ient

s in

case

s inv

olvi

ng d

ispu

tes o

f ow

ners

hip

& c

ontro

l of a

n oi

l fie

ld, b

ound

ary

disp

utes

, qui

et

title

act

ions

, for

eclo

sure

pro

ceed

ings

, la

ndlo

rd/te

nant

dis

pute

s, H

OA

litig

atio

n,

mec

hani

cs li

en li

tigat

ion,

and

city

cod

e vi

olat

ion

litig

atio

n.

Non

-lega

l rea

l est

ate

rela

ted

expe

rien

ce –

W

hile

in la

w sc

hool

, too

k co

urse

s on

prop

erty

la

w &

real

est

ate

finan

cing

, inc

ludi

ng m

ortg

ages

, tru

st d

eeds

, sal

es c

ontra

cts,

trans

fer o

f int

eres

ts,

etc.

04/1

0/20

17

04/1

3/20

17

04

/13/

2017

April 10, 2017

Utah State Insurance Commission

3110 State Office Building

Salt Lake City, UT 84114

RE: Exemption for Agency Title Insurance Producer Licensing

For: Brandon Kidman, Esq., Utah Bar No. 12573

279 North 1120 East

Orem, UT 84097

brandonkidman@gmail.com

801-362-7346

QUALIFICATION FOR EXEMPTION

To Whom It May Concern:

Pursuant to Utah Administrative Code R592-8, please allow this letter to serve as my request for

an exemption from the three year licensing requirement as outlined in U.C.A. §31A-23a-204 in

order to obtain an agency title license.

I currently hold a Resident Producer Individual license, with Title Escrow, Title Examination,

and Title Marketing Representative lines of authority. A copy of said license is attached hereto.

As an attorney I have represented and helped clients in many areas of real estate transactions and

litigation, which has helped me become familiar with real estate law and practices. My

experiences is detailed further below.

EXPERIENCE:

Practicing attorney in Utah since 2009.

(a) Transactional experience

I have represented and helped clients in large, complex commercial transactions, which

included drafting documents, reviewing and negotiating contracts of sale, obtaining a

change in density requirement, and drafting private placement memoranda for investment

purposes; drafted, reviewed, and negotiated residential real estate purchase contracts;

secured real estate financing; represented HOAs in contract negotiations; estate planning

and probate related transactions and conveyances.

(b) Law firm litigation experience

I have represented clients in disputes involving ownership and control of an oil field;

cases involving boundary disputes, including boundary by acquiescence and boundary by

estoppel; quiet title actions, which included chain of title issues; foreclosure proceedings,

including complex litigation involving FDCP claims; landlord/tenant disputes; HOA

litigation; mechanics lien litigation; city code violation litigation.

Education

While in law school, I took classes pertaining to property law and real estate financing,

which course covered such topics as mortgages, trust deeds, installment sales contract,

transfer of real estate security interests, foreclosures, purchase money mortgages and

more.

I believe that my educational background and professional experience qualify me for the

exemption and hereby request the same.

Should you need anything further, please contact me directly. Thank you for your assistance in

this matter.

Sincerely,

Brandon Kidman, Esq.

2017

Req

uest

s for

Exe

mpt

ion

from

Titl

e A

genc

y T

rain

ing

Req

uire

men

ts

(3

1A-2

3a-2

04)

Dat

e

U

tah

Insu

ranc

e D

epar

tmen

t Ti

tle a

nd E

scro

w

Com

mis

sion

M

onth

N

ame

Supp

ortin

g In

form

atio

n R

ecei

ved

Prel

imin

ary

App

rova

l Pr

elim

inar

y D

isap

prov

al

App

lican

t N

otifi

ed

Con

cur

Non

-co

ncur

May

Tre

vor

C. M

oone

y Y

ears

lice

nsed

as a

ttor

ney

– Li

cens

ed w

ith U

tah

Stat

e B

ar si

nce

pass

ing

bar i

n Fe

b 20

14.

Insu

ranc

e lic

ense

his

tory

– L

icen

sed

as P

rodu

cer

with

Titl

e Ex

amin

atio

n si

nce

1/14

/201

5, w

ith

Title

Esc

row

line

add

ed e

ffec

tive

9/21

/201

5.

Leg

al r

eal e

stat

e re

late

d ex

peri

ence

Fe

b 20

16 to

cur

rent

– B

ay N

atio

nal T

itle

as In

-H

ouse

cou

nsel

, Loc

al U

nder

writ

ing

Cou

nsel

, Titl

e Pl

ant M

anag

er, P

rodu

cer,

& T

itle

Off

icer

, ha

ndlin

g re

al e

stat

e &

lega

l que

stio

ns/is

sues

, un

derw

ritin

g, s

earc

hing

, pro

duci

ng c

omm

itmen

ts,

draf

ting

lega

l doc

umen

ts su

ch a

s aff

idav

its, d

eeds

, co

nvey

ance

s, su

perv

isin

g &

con

duct

ing

clos

ings

, co

mpl

etin

g ch

ain

of ti

tle, d

eter

min

ing

insu

rabi

lity,

re

sear

chin

g la

nd re

cord

s, et

c.

Aug

201

5 to

Jan

2016

– a

t Sur

ety

Title

as

Escr

ow/T

itle

Off

icer

& L

egal

Adv

isor

, mar

ketin

g,

clos

ing

escr

ow tr

ansa

ctio

ns, c

ompl

ete

chai

n of

tit

le &

det

erm

inin

g in

sura

bilit

y, st

atut

ory

&

cont

ract

inte

rpre

tatio

n, d

rafti

ng o

f doc

umen

ts.

Apr

201

4 to

Aug

201

5 –

at H

ickm

an L

and

Title

as

Title

Off

icer

, com

plet

ing

chai

n of

title

&

dete

rmin

ing

insu

rabi

lity,

rese

arch

ing

land

reco

rds

usin

g ab

stra

cts &

trac

t ind

ex b

ooks

, & ti

tle w

ork.

N

on-le

gal r

eal e

stat

e re

late

d ex

peri

ence

: Ju

n 20

13 –

Sep

t 201

3 R

esea

rch

Ass

ocia

te,

Res

earc

h In

tern

& L

egal

Ext

ern,

rese

arch

ing

&

assi

stin

g in

gas

pip

elin

e &

ope

rato

r dis

pute

s, ea

sem

ent r

esea

rch,

zon

ing

& b

ound

ary

line

sear

ches

, dra

fting

& re

visi

on o

f Ord

ers,

etc.

05/0

1/20

17

05

/01/

2017

05/0

1/20

17

1

Utah Insurance Department State Office Building Suite 3110 Capital Hill Complex 450 N State St. Salt Lake City, Utah 84114-6901

Dear Mr. Commissioner,

I am respectfully requesting the Department issue an Attorney Exemption under 31A-23a-204-1(d)

further described in R592-8 from the licensing time period requirement for an Agency Title Insurance

Producer in 31A-23a-204 1(a). Please see below for my experience to satisfy the requirements in R592-

8-3.

Name: Trevor C. Mooney Address: 2618 W 2025 N Clinton, Utah 84015 Phone: 385-240-6512 Email: tmooney@bntc.com Utah State Bar # 15003 Utah Insurance Commission Title Search/Escrow #515571

I am currently serving Bay National Title Agency as In-House counsel and Local Underwriting Counsel

along with being the Title Plant Manager and Producer. I make underwriting decisions based on

guidelines provided by our Underwriters and Utah Law. Every Utah file comes across my desk to be

Searched, Examined and a Commitment produced for the issuance of title insurance. On the back end I

educate and help my Escrow Officers clear a file to be insurable. My Escrow officers also contact me

with Real Estate and Legal questions with regards to the transactions we insure. I Draft documents

needed for the transactions such as Affidavits, Warranty Deeds, Corrective Deeds and other conveyance

documents. I advise when our clients need to seek independent counsel, ensuring the Escrow Officer

team stays within the bounds of Title Insurance. I supervise closings and conduct closings of my own

when time permits.

Before I ever started working in the Title Insurance industry I attended and graduated from Washburn

University School of Law, which has a rich program of Real Estate centered courses. I studied Natural

Resources Law, Oil and Gas Law, Real Estate Transactions, Contracts, Mergers and Acquisitions and

Public Land Law. I participated in Real Estate Transaction negotiations and drafted up the needed

documents to realize the sale. I actively participated in a real time Mineral Title Examination course

with access to the local counties records. I fully prepared to be an Oil and Gas Title Attorney upon

completion of school during the time period of May 2011 through December 2013.

2

I also performed extensive research in the field of Oil and Gas as a Research Associate for a dispute

between an oil and gas pipeline and property owner, which covered everything from Implied

Easements, Surface rights, Blanket Easements and Contract interpretation. This project lasted for a

month in duration. I was a legal extern for the Oil and Gas Conservation Division for two months and

drafted and revised routine penalty orders, final orders and recessions. I also worked on the creation of

a Landman Desktop reference for a month helping research relevant issues a Landman would encounter

and practical helps while they were working in the field.

I sat for and passed the Utah Bar Exam in February 2014 and have been an actively licensed Attorney

ever since. Personal decisions and business opportunity guided me to use my vast knowledge of Real

Property Law, Oil and Gas Law and Real Estate Transactions in the field of Title Insurance.

I started out with Hickman Land Title as a Title Officer in April 2014 and worked there until August 2015

before moving to Surety Title to work more actively with Escrow closings and to continue to refine my

Title searching. While at Surety Title I advised ownership and personnel on statutory interpretation,

contract interpretation and drafted needed documents for the Escrow process. I was with Surety from

August 2015 until January 2016 when I started with Bay National Title in February 2016, where I am

currently employed.

I have attended numerous conferences for Oil and Gas and Natural Resources law and have continued

to expand my knowledge base by attending CLE and CE classes in Real Estate and Real Property. I have

active dialogue with our Underwriters on a regular basis and have the support of our Corporate Staff

Underwriting Counsel of our parent company.

I feel as outlined in R592-8-3 that I more than fully qualify for the Attorney Exemption under 31A-23a-

204-1(d). My legal background and education along with my years of experience with Title Searching

Escrow Closings and Underwriting Counsel provide me with the knowledge and background needed to

responsibly hold a Title Agency Producer License. I respectfully request an Attorney Exemption to serve

as the Title Agency Producer for Bay National Title Agency.

Yours

Trevor C Mooney

Trevor Mooney

2618 W 2025 N • Clinton, Utah • 84015 • (435) 849−4400 • trevm04@gmail.com https://www.linkedin.com/in/trevormooneyattny

EDUCATION/LICENSES Utah State Bar (UBE- Can quickly be licensed in other Mtn. West States.) #15003

Admitted to Bar May 2014 Utah Insurance Commission Title/Escrow Jan. 2015 Washburn University School of Law, Topeka, Kansas Juris Doctor Dec. 2013

● Westlaw Student Rep ● Member of J. Reuben Clark Law Society ● Member of Oil Gas and Energy Law Society- Washburn University

o Courses Completed: Oil and Gas Law, Advanced Oil and Gas Law, Water Rights, Energy Regulation, Public Land Law, Mineral Title Examination, Environmental Law, Oil and Gas Conservation, Real Estate Transactions.

Utah State University, Logan, Utah May 2011

● Bachelor of Science- Law and Constitutional Studies

EXPERIENCE

Title Officer Bntc of Utah, Inc, 5711 S. 1475 E Suite 201, South Ogden, Utah 84403 Feb. 2016- Current

● Complete chain of title and determine insurability

● Research land records using abstracts and tract index books

● Legal Description plotting using Deedplotter

Escrow/ Title Officer and Legal Advisor- Aug. 2015- Jan 2016 Surety Title, 9978 S. Redwood Rd, South Jordan, Utah 84047

● Marketing ● Closing escrow transactions ● Complete chain of title and determine insurability

Title Officer- Apr. 2014- Aug. 2015 Hickman Land Title, 872 Heritage Park Blvd, Layton, Utah 84041

● Complete chain of title and determine insurability ● Research land records using abstracts and tract index books at the county ● Title work in both Utah and Wyoming.

Research Associate- Aug. 2013- Sept. 2013 Robert T. Cornwell Law, Wichita, Kansas

● Research and assistance for dispute between Gas Pipeline and Oil and Gas Operator ● Easement research including blanket, express and implied

Research Associate- July 2013- Sept. 2013 Professor David Pierce- Washburn School of Law, Topeka, Kansas

● Research and assistance to presenters for Oil and Gas Conservation Course

Research Intern- July 2013- Aug. 2013 Cantafio Eddington P.C., Denver, Colorado

● Research and writing for a Desktop Landman Reference for AAPL ● Comprehensive quick reference for practicing Landmen

Legal Extern- June 2013-Aug. 2013 Oil and Gas Conservation Division of the Kansas Corporation Commission, Wichita,Kansas

Drafting and revision of Routine Penalty Orders ● Drafting and revision of Final Orders and Rescissions ● Research on Seismic Testing and Potential Trespass

Legal Intern- May 2012- Dec. 2013 Kansas State Gaming Agency (Tribal Gaming), Topeka Kansas

● Legal research regarding gaming and tribal issues at federal and state level ● Statutory research used to update Medical Release policy to be HIPAA compliant ● Extensive research and work to update Technical Standards with Tribes ● Updating and drafting agency policies ● Regulation and Compliance research

31A-23a-406 Title insurance producer’s business. (1) An individual title insurance producer or agency title insurance producer may do escrow involving real property transactions if all of the following exist:

(a) the individual title insurance producer or agency title insurance producer is licensed with: (i) the title line of authority; and (ii) the escrow subline of authority;

(b) the individual title insurance producer or agency title insurance producer is appointed by a title insurer authorized to do business in the state; (c) the individual title insurance producer or agency title insurance producer issues one or more of the following as part of the transaction:

(i) an owner’s policy of title insurance; or (ii) a lender’s policy of title insurance;

(d) money deposited with the individual title insurance producer or agency title insurance producer in connection with any escrow:

(i) is deposited: (A) in a federally insured financial institution; and (B) in a trust account that is separate from all other trust account money that is not related to real estate transactions;

(ii) is the property of the one or more persons entitled to the money under the provisions of the escrow; and (iii) is segregated escrow by escrow in the records of the individual title insurance producer or agency title insurance producer;

(e) earnings on money held in escrow may be paid out of the escrow account to any person in accordance with the conditions of the escrow; (f) the escrow does not require the individual title insurance producer or agency title insurance producer to hold:

(i) construction money; or (ii) money held for exchange under Section 1031, Internal Revenue Code; and

(g) the individual title insurance producer or agency title insurance producer shall maintain a physical office in Utah staffed by a person with an escrow subline of authority who processes the escrow.

(2) Notwithstanding Subsection (1), an individual title insurance producer or agency title insurance producer may engage in the escrow business if:

(a) the escrow involves: (i) a mobile home; (ii) a grazing right; (iii) a water right; or (iv) other personal property authorized by the commissioner; and

(b) the individual title insurance producer or agency title insurance producer complies with this section except for Subsection (1)(c).

(3) Money held in escrow: (a) is not subject to any debts of the individual title insurance producer or agency title insurance producer; (b) may only be used to fulfill the terms of the individual escrow under which the money is accepted; and (c) may not be used until the conditions of the escrow are met.

(4) Assets or property other than escrow money received by an individual title insurance producer or agency title insurance producer in accordance with an escrow shall be maintained in a manner that will:

(a) reasonably preserve and protect the asset or property from loss, theft, or damages; and (b) otherwise comply with the general duties and responsibilities of a fiduciary or bailee.

(5)

(a) A check from the trust account described in Subsection (1)(d) may not be drawn, executed, or dated, or money otherwise disbursed unless the segregated escrow account from which money is to be disbursed contains a sufficient credit balance consisting of collected and cleared money at the time the check is drawn, executed, or dated, or money is otherwise disbursed. (b) As used in this Subsection (5), money is considered to be “collected and cleared,” and may be disbursed as follows:

(i) cash may be disbursed on the same day the cash is deposited; (ii) a wire transfer may be disbursed on the same day the wire transfer is deposited; and (iii) the proceeds of one or more of the following financial instruments may be disbursed on the same day the financial instruments are deposited if received from a single party to the real estate transaction and if the aggregate of the financial instruments for the real estate transaction is less than $10,000:

(A) a cashier’s check, certified check, or official check that is drawn on an existing account at a federally insured financial institution; (B) a check drawn on the trust account of a principal broker or associate broker licensed under Title 61, Chapter 2f, Real Estate Licensing and Practices Act, if the individual title insurance producer or agency title insurance producer has reasonable and prudent grounds to believe sufficient money will be available from the trust account on which the check is drawn at the time of disbursement of proceeds from the individual title insurance producer or agency title insurance producer’s escrow account; (C) a personal check not to exceed $500 per closing; or (D) a check drawn on the escrow account of another individual title insurance producer or agency title insurance producer, if the individual title insurance producer or agency title insurance producer in the escrow transaction has reasonable and prudent grounds to believe that sufficient money will be available for withdrawal from the account upon which the check is drawn at the time of disbursement of money from the escrow account of the individual title insurance producer or agency title insurance producer in the escrow transaction.

(c) A check or deposit not described in Subsection (5)(b) may be disbursed: (i) within the time limits provided under the Expedited Funds Availability Act, 12 U.S.C. Sec. 4001 et seq., as amended, and related regulations of the Federal Reserve System; or (ii) upon notification from the financial institution to which the money has been deposited that final settlement has occurred on the deposited financial instrument.

(6) An individual title insurance producer or agency title insurance producer shall maintain a record of a receipt or disbursement of escrow money. (7) An individual title insurance producer or agency title insurance producer shall comply with:

(a) Section 31A-23a-409; (b)Title 46, Chapter 1, Notaries Public Reform Act; and (c) any rules adopted by the Title and Escrow Commission, subject to Section 31A-2-404, that govern escrows.

(8) If an individual title insurance producer or agency title insurance producer conducts a search for real estate located in the state, the individual title insurance producer or agency title insurance producer shall conduct a reasonable search of the public records. Amended by Chapter 319, 2013 General Session