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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 11. TITLE INSURANCE |
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Subtitle D. TITLE INSURANCE PROFESSIONALS |
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Chapter 2651. TITLE INSURANCE AGENTS AND DIRECT OPERATIONS |
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Subchapter E. GENERAL REGULATION OF TITLE INSURANCE AGENTS AND DIRECT OPERATIONS |
Sec. 2651.203. DISCLOSURE OF OWNERSHIP AND PREMIUM INFORMATION
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(a) A title insurance agent who receives a portion of a premium shall disclose to each purchaser of a title insurance policy or other title insurance form the following:
(1) each shareholder, owner, or partner owning or controlling at least one percent of the agent;
(2) each shareholder, owner, or partner owning or controlling at least 10 percent of an entity that owns or controls at least one percent of the agent;
(3) each person who is not a full-time employee of the agent and who receives a portion of the premium for services performed on behalf of the agent in connection with the issuance of a title insurance form; and
(4) the amount of premium that a person disclosed in Subdivision (3) receives.
(b) The department shall prescribe the form of the disclosure required by this section.