Difference between revisions of "Closing Protection Letters in Alabama"
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===Overview=== | ===Overview=== | ||
| − | Closing Protections Letters, also called Settlement Protection Letters, are authorized to be issued in Alabama as part of single transactions only. They may be issued to borrowers, buyers, lenders, and sellers in a any transaction. They may be issued for agents who are handling title insurance transactions or agents who are only handling the escrow function of a given transaction. | + | Closing Protections Letters ("CPL"), also called Settlement Protection Letters, are authorized to be issued in Alabama as part of single transactions only. They may be issued to borrowers, buyers, lenders, and sellers in a any transaction. They may be issued for agents who are handling title insurance transactions or agents who are only handling the escrow function of a given transaction. |
===Sources=== | ===Sources=== | ||
| − | The issuance of Closing Protections Letters is permitted under Section 27-3-6.1 of the Code of Alabama [https://law.justia.com/codes/alabama/2012/title-27/chapter-3/section-27-3-6.1/]. This code section also defines the contents | + | The issuance of Closing Protections Letters is permitted under Section 27-3-6.1 of the Code of Alabama [https://law.justia.com/codes/alabama/2012/title-27/chapter-3/section-27-3-6.1/]. This code section also defines the contents, uses, and fees for a CPL in Alabama. |
===Compliance=== | ===Compliance=== | ||
| − | See Section 27-3-6.1 of the Code of Alabama for details concerning the contents and | + | See Section 27-3-6.1 of the Code of Alabama for details concerning the contents, uses, and fees for a CPL in Alabama. |
===Forms=== | ===Forms=== | ||
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=== Remittances=== | === Remittances=== | ||
| + | 100% of any CPL fees must be remitted to the Underwriter. | ||
===Notes=== | ===Notes=== | ||
Revision as of 14:43, 6 April 2018
Contents
Overview
Closing Protections Letters ("CPL"), also called Settlement Protection Letters, are authorized to be issued in Alabama as part of single transactions only. They may be issued to borrowers, buyers, lenders, and sellers in a any transaction. They may be issued for agents who are handling title insurance transactions or agents who are only handling the escrow function of a given transaction.
Sources
The issuance of Closing Protections Letters is permitted under Section 27-3-6.1 of the Code of Alabama [1]. This code section also defines the contents, uses, and fees for a CPL in Alabama.
Compliance
See Section 27-3-6.1 of the Code of Alabama for details concerning the contents, uses, and fees for a CPL in Alabama.
Forms
- Latest CPL Form Filing Date: 01-26-2016
- Filing Requirements: Form & Rate to be filed
- Current From: 3172900
- ALTA Version: 2015
Dual Agent CPLs
Rates
- Buyer: $25.00
- Seller: $50.00
- Lender: $25.00
- Borrower: $25.00
Remittances
100% of any CPL fees must be remitted to the Underwriter.
Notes
- Notes:
- Rate Checked: 5/6/2016
- By: ABF
- Manual Date:
