Closing Protection Letters in Alabama

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

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: