Difference between revisions of "Closing Protection Letters in Alabama"

From WFG Wiki
Line 1: Line 1:
 
===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 of any CPL.
+
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 uses of a CPL in Alabama.
+
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===
Line 23: Line 23:
  
 
=== Remittances===
 
=== Remittances===
 +
100% of any CPL fees must be remitted to the Underwriter.
  
 
===Notes===
 
===Notes===

Revision as of 15:43, 6 April 2018

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: