Idaho State Statutes - Idaho Attorney Directory

A title insurance agent is a person
owning or leasing separately or with another licensed agent a complete set of
tract indexes and abstract records of each county for which policies are
written and authorized in writing by a title insurer to solicit insurance,
issue or countersign policies, or otherwise engage in the title insurance
business. A title insurer shall not allow or permit any person, firm,
association or corporation to act as its agent in relation to the issuance of
any certificate, title insurance policy, or other underwriting contract unless
such person, firm, association or corporation shall first have obtained a
title insurance agent's license for each county for which policies are to be
written from the director of the department of insurance. No person, firm,
association or corporation shall act within this state as such agent for any
title insurer without first having obtained a license from the director of
insurance and filed a bond or cash deposit in lieu thereof as required herein.
A separate agent's license for each county shall be issued by the director
of the department of insurance upon due showing filed by the applicant upon
forms to be provided by the director of the department of insurance and
payment of a fee of fifty dollars ($50.00), upon oath, that such applicant if
an individual, is a bona fide resident of Idaho, if a firm or association is
composed wholly of Idaho residents, or if a corporation is duly authorized or
qualified to do business in the state, that the individual agent (or if a
corporation or association, its managerial personnel who are going to exercise
the license privilege) has reasonable experience or instruction in the field
of title examinations and title insurance and the insurance laws of Idaho,
that the applicant owns or leases, separately or with another, and maintains
an adequate, complete set of tract indexes and abstract records of each county
wherein he proposed to do business, and such application shall be indorsed by
the title insurer with whom he proposed to do business that the proposed agent
is known to have a good reputation and is worthy of public trust and that such
title insurer knows of no fact or condition that would disqualify the agent
from receiving the permit. An agent's license shall continue from the date
issued until the first day of January of each year and shall be automatically
renewed thereon upon the payment of the annual fee of fifty dollars ($50.00)
by the agent, unless terminated as herein provided by the director of
insurance for cause. If the filing fee is not promptly paid, the applicant
shall be subject to a late filing fee of two dollars ($2.00) a day up to a
maximum of one hundred dollars ($100).
Upon the termination of any agency by a title insurer or by the agent
terminating, the title insurer shall immediately notify the director of the
department of insurance in writing and a title insurance agent shall forthwith
notify the director of the department of insurance of the name of a new title
insurer with whom he proposes to do business, with the new title insurer's
indorsement upon said notification. No title insurer shall allow the license
of an agent for which it has vouched to continue unless all of the foregoing
conditions have been complied with.
The license of any title insurance agent may be denied, or the license
suspended, revoked or renewal thereof refused, by the director of the
department of insurance after notice and hearing if he finds that such license
holder has:
(1) Wilfully violated any provisions of title 41, Idaho Code, or the
regulations issued thereunder; or
(2) Has intentionally made a material misstatement in the application for
such license; or
(3) Has obtained or attempted to obtain such license by fraud or
misrepresentation; or
(4) Has misappropriated or converted to his own use or illegally withheld
money belonging to a title insurance company, an insured or any other person;
or
(5) Has demonstrated his lack of trustworthiness or competence to act as
such agent or been guilty of fraudulent or dishonest practices; or
(6) Has materially misrepresented the terms and conditions of a title
insurance policy or contract, or the condition of the title represented
thereby; or
(7) Has failed to maintain a separate and distinct accounting of escrowed
funds, and has failed to maintain an escrow bank account or account separate
and apart from all other accounts.
Before any license is denied, suspended or revoked or renewal refused, the
director shall give thirty (30) days' written notice by registered mail to the
licensee or applicant and the title insurer represented by the agent, and if
said agent or title insurer desires, to set a date of hearing and to allow the
production of evidence by said parties, or any other interested person as to
the matter. The right and remedies of the parties shall be as set forth in
chapter 52, title 67, Idaho Code. Any decision of the director of the
department of insurance shall be made in writing and filed in his office and
mailed to the title insurer and agent involved.
As a condition of obtaining said license, the individual to be licensed
for himself, or the entity to be licensed for each employee escrow officer
shall obtain, file and pay for a surety bond as provided for an escrow
officer.
Regular examination of the tract indexes and abstract records of a title
agent after the first examination thereof by the director shall be limited to
not more than every fifth year, unless the agent otherwise requests or the
director has cause to believe the same does not comply with this chapter or
the regulations thereunder.

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