The Utah Insurance Department repealed R592-15, Schedule of Minimum Charges for Escrow Services, as of Aug. 21.
The notice of proposed rule states, “The rule is being repealed because Section 31A-19a-209 was amended by HB 410 (2023 General Session) to remove the requirement to file a schedule of escrow charges with the department. The Title & Escrow Commission approved this repeal in a June 12 meeting by a vote of 4-0.”
Prior to the repeal, title insurers, agency title producers and individual title insurance producers were required to electronically file a schedule of minimum escrow service charges. Initial schedules of minimum charges for escrow services filings were file and use and effective the day it was filed.
The filing had to consist of:
- An email naming the filer and stating that it is an escrow rate filing in the title of the email;
- A complete transmittal document for agency title insurance producer or individual title insurance producer containing a certification that the filing is complete and complies with Utah laws and rules.
It stated that only minimum escrow charges shown in the schedule of minimum charges for escrow services were to be filed. Other settlement services charges were to be used for services not specifically shown in the schedule of minimum charges for escrow services. Settlement services charges had to be filed as a per hour charge. Other services not specifically listed on the schedule of minimum charges for escrow services could be provided if a justifiable charge was filed.