Difference between revisions of "Closing Protection Letters in Indiana"
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| − | + | ==Overview== | |
Closing Protections Letters ("CPLs") are authorized to be issued in Indiana. For insured residential real estate transactions, the must issued to any borrowers, buyers, lenders, and/or sellers in a given transaction. The charge is $25 per letter, not per transaction. | Closing Protections Letters ("CPLs") are authorized to be issued in Indiana. For insured residential real estate transactions, the must issued to any borrowers, buyers, lenders, and/or sellers in a given transaction. The charge is $25 per letter, not per transaction. | ||
| − | + | ==Sources== | |
The issuance of Closing Protections Letters is permitted under [https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-7-3-22.html Section 27-7-3-22] of the Indiana Code. This code section also defines the content, uses, and minimum fees for a CPL in Indiana. | The issuance of Closing Protections Letters is permitted under [https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-7-3-22.html Section 27-7-3-22] of the Indiana Code. This code section also defines the content, uses, and minimum fees for a CPL in Indiana. | ||
* See also [http://wfgunderwriting.com/download/indiana/bulletins/WFGNTIC%20IN%20UW%20Bulltin%20IN2013-02%20Indiana%20CPL%20Rate-%20Rates%20Form%20Filings%20Effective%20July%201,%202013.pdf WFG Bulletin IN 2013-02] | * See also [http://wfgunderwriting.com/download/indiana/bulletins/WFGNTIC%20IN%20UW%20Bulltin%20IN2013-02%20Indiana%20CPL%20Rate-%20Rates%20Form%20Filings%20Effective%20July%201,%202013.pdf WFG Bulletin IN 2013-02] | ||
| − | + | ==Compliance== | |
| − | + | ===Disclosures=== | |
| − | + | ==Forms== | |
| − | + | ===Disclosure Form=== | |
| − | + | ===CPL Form=== | |
* Latest CPL Form Filing Date: 01-23-2018 | * Latest CPL Form Filing Date: 01-23-2018 | ||
* Filing Requirements: Filing Required after adoption of Rating Bureau | * Filing Requirements: Filing Required after adoption of Rating Bureau | ||
| Line 21: | Line 21: | ||
* ALTA Version: 2015 | * ALTA Version: 2015 | ||
| − | + | ===Dual Agent CPLs=== | |
| − | + | ==Rates== | |
| − | + | ===State Mandated Rates=== | |
| − | * Buyer: | + | * Buyer: N/A |
| − | * Seller: | + | * Seller: N/A |
| − | * Lender: | + | * Lender: N/A |
| − | * Borrower: | + | * Borrower: N/A |
====WFG Rates==== | ====WFG Rates==== | ||
| Line 38: | Line 38: | ||
=== Remittances=== | === Remittances=== | ||
| + | * 100% of any CPL charge must be remitted to the Underwriter. | ||
===Notes=== | ===Notes=== | ||
Revision as of 07:34, 21 July 2018
Contents
Overview
Closing Protections Letters ("CPLs") are authorized to be issued in Indiana. For insured residential real estate transactions, the must issued to any borrowers, buyers, lenders, and/or sellers in a given transaction. The charge is $25 per letter, not per transaction.
Sources
The issuance of Closing Protections Letters is permitted under Section 27-7-3-22 of the Indiana Code. This code section also defines the content, uses, and minimum fees for a CPL in Indiana.
- See also WFG Bulletin IN 2013-02
Compliance
Disclosures
Forms
Disclosure Form
CPL Form
- Latest CPL Form Filing Date: 01-23-2018
- Filing Requirements: Filing Required after adoption of Rating Bureau
- Current From: 3173600
- ALTA Version: 2015
Dual Agent CPLs
Rates
State Mandated Rates
- Buyer: N/A
- Seller: N/A
- Lender: N/A
- Borrower: N/A
WFG Rates
- Buyer: $25.00
- Seller: $25.00
- Lender: $25.00
- Borrower: $25.00
Remittances
- 100% of any CPL charge must be remitted to the Underwriter.
Notes
- Notes:
- Rate Checked: 01-23-2018
- By: Debbie Thoms
- Manual Date:
