Difference between revisions of "Closing Protection Letters in Rhode Island"
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| − | Although CPLs can be issued to buyer, borrower, and/or lender, the fee is $25 per transaction. Therefore a refinance or a purchase with a loan would allow the issuance of separate CPLs to a lender and the borrower or buyer, respectively, but the fee would be $25 in the aggregate and not a separate $25 for each CPL. | + | Although separate CPLs can be issued to buyer, borrower, and/or lender, the total fee is $25 per transaction. Therefore a refinance or a purchase with a loan would allow the issuance of separate CPLs to a lender and the borrower or buyer, respectively, but the fee would be $25 in the aggregate and not a separate $25 for each CPL. |
* Buyer: $25.00 per transaction | * Buyer: $25.00 per transaction | ||
Latest revision as of 11:59, 21 May 2018
Contents
Overview
Sources
The issuance of Closing Protections Letters is permitted under Section 27-2.6-6 of the Rhode Island General Laws [1].
Compliance
Disclosures
Forms
Disclosure Form
CPL Form
- Latest CPL Form Filing Date: 03-30-2015
- Filing Requirements: Form & Rate Filing Required Section 27-2.6-6
- Current From: WFG 4-2-14
- ALTA Version:
Dual Agent CPLs
Rates
Rhode Island allows the issuance of separate CPLs to buyers, borrowers, and/or lenders depending on who is a party to the transaction, but only permits a single fee to be charged per transaction.
State Mandated Rates
There are no state mandated rates. The fee must be filed and approved by the commissioner of insurance pursuant to Rhode Island General Law 27-2.6-16. See Section 27-2.6-6(c)(2).
WFG Rates
Although separate CPLs can be issued to buyer, borrower, and/or lender, the total fee is $25 per transaction. Therefore a refinance or a purchase with a loan would allow the issuance of separate CPLs to a lender and the borrower or buyer, respectively, but the fee would be $25 in the aggregate and not a separate $25 for each CPL.
- Buyer: $25.00 per transaction
- Seller: N/A
- Lender: $25.00 per transaction
- Borrower: $25.00 per transaction
Remittances
Notes
- Notes:
- Rate Checked: CONFIRM
- By:
- Manual Date:
