31A-2-403 - Title and Escrow Commission created.
31A-2-403. Title and Escrow Commission created.
(1) (a) Subject to Subsection (1)(b), there is created within the department the Title andEscrow Commission that is comprised of five members appointed by the governor with theconsent of the Senate as follows:
(i) four members shall each:
(A) be or have been licensed under the title insurance line of authority;
(B) as of the day on which the member is appointed, be or have been licensed with thesearch or escrow subline of authority for at least five years; and
(C) as of the day on which the member is appointed, not be from the same county asanother member appointed under this Subsection (1)(a)(i); and
(ii) one member shall be a member of the general public from any county in the state.
(b) No more than one commission member may be appointed from a single company.
(2) (a) Subject to Subsection (2)(c), a commission member shall file with thecommissioner a disclosure of any position of employment or ownership interest that thecommission member has with respect to a person that is subject to the jurisdiction of thecommissioner.
(b) The disclosure statement required by this Subsection (2) shall be:
(i) filed by no later than the day on which the person begins that person's appointment;and
(ii) amended when a significant change occurs in any matter required to be disclosedunder this Subsection (2).
(c) A commission member is not required to disclose an ownership interest that thecommission member has if the ownership interest is held as part of a mutual fund, trust, orsimilar investment.
(3) (a) Except as required by Subsection (3)(b), as terms of current commission membersexpire, the governor shall appoint each new commission member to a four-year term ending onJune 30.
(b) Notwithstanding the requirements of Subsection (3)(a), the governor shall, at the timeof appointment, adjust the length of terms to ensure that the terms of the commission membersare staggered so that approximately half of the commission is appointed every two years.
(c) A commission member may not serve more than one consecutive term.
(d) When a vacancy occurs in the membership for any reason, the governor, with theconsent of the Senate, shall appoint a replacement for the unexpired term.
(e) Notwithstanding the other provisions of this Subsection (3), a commission memberserves until a successor is appointed by the governor with the consent of the Senate.
(4) A commission member may not receive compensation or benefits for the commissionmember's service, but may receive per diem and travel expenses in accordance with:
(a) Section 63A-3-106;
(b) Section 63A-3-107; and
(c) rules made by the Division of Finance pursuant to Sections 63A-3-106 and63A-3-107.
(5) Members of the commission shall annually select one commission member to serveas chair.
(6) (a) The commission shall meet at least monthly.
(b) The commissioner may call additional meetings:
(i) at the commissioner's discretion;
(ii) upon the request of the chair of the commission; or
(iii) upon the written request of three or more commission members.
(c) (i) Three commission members constitute a quorum for the transaction of business.
(ii) The action of a majority of the commission members when a quorum is present is theaction of the commission.
(7) The commissioner shall staff the commission.
Amended by Chapter 10, 2010 General Session
Amended by Chapter 286, 2010 General Session