R592-16-2. Purpose and Scope

(1) The purpose of this rule is to identify certain escrow practices involving two or more back-to-back sales and purchases of the same parcel of real property where funds from the final purchaser are received by the initial seller despite having no contractual privity, which the Commission finds may violate Sections 31A-23a-406 and R592-6-4. (2) This rule applies to: (a) a title insurance company; (b) an agency title insurance producer; (c) an individual title insurance producer; and (d) an employee, representative, or any other party working for or on behalf of a title insurance company, an agency title insurance producer, or an individual title insurance producer, whether as a full-time or part-time employee or as an independent contractor.