31A-41-305 - Department subrogated -- Authority to revoke license. - Utah Statutes

31A-41-305. Department subrogated -- Authority to revoke license.
(1) (a) If the department makes payment from the fund, the department is subrogated toall the rights of the person who received money from the fund for the amounts paid out of thefund.
(b) Any amounts recovered by the department under the subrogated rights shall bedeposited in the fund.
(2) (a) The license of a title insurance licensee for whom payment from the fund is madeunder this chapter is automatically revoked.
(b) Before a title insurance licensee whose license is revoked under this section mayapply for a new license under this title, the title insurance licensee shall pay to the department fordeposit in the fund:
(i) the amounts paid by the fund because of an action brought against the title insurancelicensee; and
(ii) interest at a rate determined by the commissioner with the concurrence of thecommission.

Enacted by Chapter 220, 2008 General Session