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[+] Title Services Direct - Misty Ireland/WA (11 replies)
2/9/2023 5:35:35 PM (1338 views)

[+] Stellar Innovative Solutions - Bryce L/UT (14 replies)
2/8/2023 1:28:54 PM (1570 views)

[-] Does Missouri Require Abstractors to be Licensed? - Jay Duncan/MO (15 replies)
2/6/2023 7:44:51 AM (1164 views)

 After talking with a few clients that operate in Missouri they are discovering that the Missouri DCI is going after companies that use unlicensed Missouri abstractors as well as going after the unlicensed abstractors. They are also making sure that companies are Missouri Title Plant Compliant.

 I gathered information from the State of Missouri concerning both requirements. Please read all the way through the information and the see the answers to the questions of

 Do I need to use a licensed abstractor in Missouri?

 Do I need to use a abstractor who is Missouri Title Plant Compliant?

 

*******Below is the Abstractor Licensing requirement. Missouri requires Abstractors to have the same Title Producer license as a Title Agent.

Especially see section 8

 2017 Missouri Revised Statutes
Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381 Title Insurance Law
Section 381.115 Licensing required for title agencies and title agents, exceptions — delegation of title searches to third party, rules — violations, penalty.

Universal Citation: MO Rev Stat § 381.115 (2017)

Effective 01 Jan 2008, see footnote

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 381

381.115. Licensing required for title agencies and title agents, exceptions — delegation of title searches to third party, rules — violations, penalty. — 1. It is unlawful for any person to transact the business of title insurance unless authorized as a title insurer, title agency or title agent.

2. It is unlawful for any person to transact business as:

(1) A title agency, unless the person is a licensed business entity insurance producer under subsection 2 of section 375.015; or

(2) A title agent, unless the person is a licensed individual insurance producer under subsection 1 of section 375.015 or is exempt from licensure under subsection 3 of this section.

3. A salaried employee of a title insurer, title agency, or title agent is exempt from licensure as a title agent if the employee does not materially perform or supervise others who perform any of the following:

(1) Sell, solicit, or negotiate a title insurance policy or closing protection letter;

(2) Calculate premiums for a title insurance policy or closing protection letter;

(3) Determine insurability;

(4) Establish, calculate, or negotiate title charges;

(5) Conduct title search or examinations;

(6) Execute title insurance policies, commitments, binders or endorsements; or

(7) Handle escrows, settlements, or closings.

4. It is unlawful for any title insurer to contract with any person to act in the capacity of a title agency or title agent with respect to risks located in this state unless the person is licensed as required in this section.

5. The director shall adopt rules, regulations, or requirements relating to licensing and practices of persons acting in the capacity of title agencies or agents. These persons may include title agencies, title agents and employees of title insurers or title agencies. Such rules, regulations, or requirements shall, until at least January 1, 2010, permit either provisional licensure or waiver of licensure for employees newly performing functions described in subsection 3 of this section, while under the direct supervision of a licensed insurance producer during the first six months of such employee's initial employment. This subsection is not intended to require licensure of persons performing a clerical function under the direct supervision and direction of a licensed insurance producer.

6. Every title agency licensed in this state shall:

(1) Exclude or eliminate the word insurer, insurance company, or underwriter from its business name, unless the word agency is also included as part of the name; and

(2) Provide, in a timely fashion, each title insurer with which it places business any information the title insurer requests in order to comply with reporting requirements of the director.

7. A title agency or title agent licensed in this state prior to the effective date of this chapter shall have ninety days after the effective date of this chapter to comply with the requirements of this section.

8. If the title insurer, title agency, or title agent delegates the title search to a third party, such as an abstract company, the insurer, agency, or agent must first obtain proof that the third party is operating in compliance with rules and regulations established by the director and the third party shall provide the insurer, agency, or agent with access to and the right to copy all accounts and records maintained by the third party with respect to business placed with the title insurer. Proof from the third party may consist of a signed statement indicating compliance, and shall be effective for a three-year period.

9. A violation of any provision under this section is a level three violation under section 374.049.

(L. 2000 S.B. 894, A.L. 2007 S.B. 66)

Effective 1-01-08

 

****Missouri Title Plant Requirements

Below is an excerpt from May 20, 2008 from Doug Ommen, Director.

Title Plant Requirements

A title plant has three key characteristics:

1.   An index of those records of a county imparting constructive notice to purchasers of real property;

2.   The index covers not less than the most recent 45 years; and

3.   The index is geographic as to all documents containing a legal description of affected land but by name as to other documents.

Owners of title plants meeting the statutory definition must annually register their plant with the director. Such registration includes information about the plant's title records. See 20 CSR 500-7.200, §381.031(22) and § 381.071.1., RSMo.

Requirement that a Title Plant be Used

Section 381.071.1, RSMo, prohibits the issuance of a title insurance policy unless the title insurer, agent or agency has "caused a search of title to be made from the evidence prepared from a title plant of the county where the property is located as herein defined, or if no such title plant of the county exists, or the owner of such plant refuses to furnish the title insurer, title agent, or agency desiring to insure, such title evidence at a reasonable charge and within a reasonable period of time, then such policy of title insurance shall be based upon the best title evidence available."

Should either the division of insurance market regulation examine, or the division of consumer affairs investigate, an agency's use of a title plant, examiners would require evidence that a title search was completed using a title plant, or if a search is not done using a plant, evidence of why a title plant was not used that falls within the exceptions listed in §381.071.”

 

 

Now remember the questions?

The answer to both of them is YES!

Yes you must use an abstractor that is licensed in Missouri and yes you must use evidence from an abstractor that is Missouri Title Plant Compliant.

Now this raises two more questions.

Is Gateway Title Research and their employee abstractors licensed?

Is Gateway Title Research Missouri Title Plant Compliant?

The answer to both questions is YES!

Gateway Title Research and their employee abstractors are licensed and we are Missouri Title Plant Compliant in every county in Missouri. We go through this project on a yearly basis.

Yep, we cover the entire state!

 

We would love to partner with your company and perform all your title search needs here in Missouri.

Feel free to contact us at info@gatewaytr.info or give us a call at 314-939-1670.

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Re: Does Missouri Require Abstractors to be Licensed? - William Duncan/SC
2/6/2023 11:18:37 AM (1433 views)
Re: Does Missouri Require Abstractors to be Licensed? - Randi Erickson/MN
2/6/2023 3:39:02 PM (1232 views)
Re: Does Missouri Require Abstractors to be Licensed? - Jay Duncan/MO
2/6/2023 4:39:50 PM (1376 views)
MN Requirements for Abstractor Licensing - Jeanine Johnson/MN
2/7/2023 3:28:09 PM (1364 views)
Re: MN Requirements for Abstractor Licensing - Jay Duncan/MO
2/7/2023 9:10:06 PM (1153 views)
Abstractor licensing - Jeanine Johnson/MN
2/7/2023 3:36:03 PM (1318 views)
Re: Abstractor licensing - Jay Duncan/MO
2/7/2023 9:11:51 PM (1436 views)
Re: Abstractor licensing - BRAD ABRAHAMSON/MN
2/24/2023 10:33:56 AM (1069 views)
Re: Abstractor licensing - Jay Duncan/MO
2/24/2023 11:50:34 AM (1109 views)
Re: Abstractor licensing - george Hubka/MI
4/3/2023 10:07:30 PM (824 views)
Re: Abstractor licensing - Jay Duncan/MO
4/4/2023 7:57:22 AM (831 views)
Re: Abstractor licensing - george Hubka/MI
4/4/2023 8:18:42 AM (819 views)
Re: Abstractor licensing - Jay Duncan/MO
4/4/2023 8:37:12 AM (836 views)
Re: Abstractor licensing - george Hubka/MI
4/4/2023 8:48:24 AM (865 views)
Re: Abstractor licensing - Jay Duncan/MO
4/4/2023 8:50:30 AM (837 views)

[+] CHEAP FLAT FEES PART II - Michael Rosing/IL (7 replies)
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[+] CHEAP FLAT FEES - Michael Rosing/IL (6 replies)
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Real Title Services


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[+] PNA Title Services LLC - Chris Steffes/MN (1 reply)
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[+] HOLY SMOKES: Goldman Sachs laying off 3,000+ people - William Duncan/SC (1 reply)
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