Title insurers and agents.

2018
STATE OF WYOMING
18LSO-0078
Numbered
1.2

HOUSE BILL

NO.
HB0079

Title insurers and agents.

Sponsored by:
Representative(s) Court

A BILL

for

AN ACT relating to title insurance; specifying records retention policy for title agents and title insurers; specifying duties of title agents during closing transactions; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 26
‑
23
‑
319

is amended to read:

26
‑
23
‑
319
.

Title agents; records
; duties
.

(a)

A title agent shall keep

appropriate records of each transaction related to title insurance business.
Records under this section shall include appointment calendars, notary records, correspondence, email, telephone logs and messages,
books of account and records and vouchers pertaining to any business transacted under this article.
A copy of all r
ecords maintained
by a title agent
under this subsection shall be retained by the title insurer
that appointed the title agent for the purposes of the transaction
for at least fifteen (15) years
following the date of the transaction.

All records shall be maintained in a manner that the commissioner may readily ascertain from time to time whether the title agent has complied with all applicable provisions of this article.

(b)

The commissioner, at any time during normal business hours, may examine, audit and inspect books and records maintained by title agents
and title insurers

under this article.

(c)

A title agent shall
present and discuss all documents related to the transaction with all parties during
each
closing
transaction
. The documents presented shall include any document that is required
to complete the
transaction pursuant to federal or state
law, any forms required by any lender or title insurer involved in the transaction and any easement or other document related to the transaction that will be recorded before the title transfer is recorded.
The title agent shall not present any portion of a document that contains confidential or privileged information.

Section 2
.

This act is effective July 1, 201
8
.

(END)

1
HB0079