Difference between revisions of "Closing Protection Letters in Indiana"
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==Overview== | ==Overview== | ||
| − | Closing Protections Letters ("CPLs") are authorized to be issued in Indiana. For insured residential real estate transactions, | + | Closing Protections Letters ("CPLs") are authorized to be issued in Indiana. For insured residential real estate transactions, CPLs must issued to any borrowers, buyers, lenders, and/or sellers in a given transaction. The filed rate for WFG is $25 per letter, not per transaction. |
==Sources== | ==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 Underwriting Bulletin IN 2013-02] |
==Compliance== | ==Compliance== | ||
| + | CPLs are '''required''' to be issued in any '''residential real estate transaction''' for which a title insurance policy is being issued. A CPL must be issued to each party in the transaction including buyers, sellers, borrowers, and lenders. | ||
===Disclosures=== | ===Disclosures=== | ||
| + | N/A. | ||
==Forms== | ==Forms== | ||
===Disclosure Form=== | ===Disclosure Form=== | ||
| + | N/A. | ||
===CPL Form=== | ===CPL Form=== | ||
| Line 26: | Line 29: | ||
===State Mandated Rates=== | ===State Mandated Rates=== | ||
| − | + | The state does not mandate any rates. The rate used must be filed and approved by the Commissioner of Insurance. [https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-7-3-22.html] | |
| − | |||
| − | |||
| − | |||
===WFG Rates=== | ===WFG Rates=== | ||
| Line 46: | Line 46: | ||
* Manual Date: | * Manual Date: | ||
| − | + | ==Cross-References== | |
* [[Indiana]] | * [[Indiana]] | ||
* [[Closing Protection Letters]] | * [[Closing Protection Letters]] | ||
Latest revision as of 07:43, 21 July 2018
Contents
Overview
Closing Protections Letters ("CPLs") are authorized to be issued in Indiana. For insured residential real estate transactions, CPLs must issued to any borrowers, buyers, lenders, and/or sellers in a given transaction. The filed rate for WFG 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 Underwriting Bulletin IN 2013-02
Compliance
CPLs are required to be issued in any residential real estate transaction for which a title insurance policy is being issued. A CPL must be issued to each party in the transaction including buyers, sellers, borrowers, and lenders.
Disclosures
N/A.
Forms
Disclosure Form
N/A.
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
The state does not mandate any rates. The rate used must be filed and approved by the Commissioner of Insurance. [1]
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:
