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31.16.03.00.htm 31.16.03.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 16 MISCELLANEOUS Chapter 03 Title Insurance Companies ― MAHT Account Authority: Insurance Article, §2-109 and 22-103, Annotated Code of Maryland
31.16.03.01.htm 31.16.03.01. 01 General.. The purpose of this chapter is to provide for the implementation and monitoring of accounts to be maintained by title insurers or title insurance producers for the benefit of the Maryland Affordable Housing Trust.
31.16.03.02.htm 31.16.03.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Act" means Insurance Article, §22-103, Annotated Code of Maryland.. 2) "Beneficial owner" means a person, other than the buyer in a real estate transaction, for whose benefit a title insurer or title insurance producer is entrusted to hold trust money.3) "Buyer" means a buyer in a real estate transaction.. 4) "Commissioner" means the Maryland State Insurance Commissioner..
31.16.03.03.htm 31.16.03.03. 03 Establishment of MAHT Accounts.. A. Establishment.. 1) Each title insurer or title insurance producer expecting to make trust money deposits, as set forth in §B of this regulation, shall establish one or more MAHT accounts with a financial institution.2) The MAHT account:. a) May provide all of the financial services which may be required by a title insurer or a title insurance producer;b) Shall be an interest-bearing account; and. c) Shall be an account which:.
31.16.03.04.htm 31.16.03.04. 04 Operation of MAHT Accounts.. A. Account Terms. The terms of a MAHT account require that:. 1) The financial institution in which the MAHT account is maintained pays the interest earned on the MAHT account, less the reasonable and customary service charges of the financial institution, at least quarterly, to MAHT;2) At the time of payment of interest earned to MAHT, the financial institution provides an itemized statement for each MAHT account maintained in tha
31.16.03.05.htm 31.16.03.05. 05 Separate Accounts.. A. Trust money which is not required to be deposited into a MAHT account may be deposited into any other deposit or investment vehicle:1) Specified by the buyer or beneficial owner; or. 2) Agreed upon by the buyer or beneficial owner and the title insurer or title insurance producer.. B. An agreement referred to in §A of this regulation between a buyer or beneficial owner and a title insurer or title insurance producer shall be in writing and either be:
31.16.03.06.htm 31.16.03.06. 06 Annual Reports.. A. Filing. Each title insurer or title insurance producer who maintains a separate MAHT account shall file an annual report with the Commissioner and MAHT.B. Forms. The annual report shall be prepared on a form approved by the Commissioner and shall include the following information:1) A list of all MAHT accounts and other bank accounts maintained by the title insurer or title insurance producer in which trust money was deposited at any time during the ye
31.16.03.07.htm 31.16.03.07. 07 Review and Audit.. A. Review. The Commissioner and MAHT shall review the annual reports submitted by a title insurer or title insurance producer that maintains a separate MAHT account.B. Audit.. 1) The Commissioner may audit a title insurer or title insurance producer for compliance with this chapter.2) The Commissioner may examine, and a title insurer or title insurance producer shall produce for examination, any record or document of a title insurer or title insurance pr
31.16.03.08.htm 31.16.03.08. 08 Enforcement.. A. The Commissioner may impose on a title insurer or title insurance producer any penalty, sanction, or other form of legal enforcement which the Commissioner has the authority to impose for failure to comply with the provisions of this chapter.B. The Commissioner may not charge a title insurer or a title insurer's producer with a violation of ethical or legal responsibilities when placing trust funds in accounts where the interest earned is paid to the Maryland Aff
31.16.03.9999.htm 31.16.03.9999. Administrative History Effective date: March 11, 1996 (23:5 Md. R. 379). Regulation .02B amended effective May 19, 1997 (24:10 Md. R. 709). Regulation .04B amended effective May 19, 1997 (24:10 Md. R. 709). Regulation .06B amended effective May 19, 1997 (24:10 Md. R. 709). Regulation .07C, D amended effective May 19, 1997 (24:10 Md. R. 709). Regulation .08 amended effective May 19, 1997 (24:10 Md. R. 709) ―. Chapter recodified from COMAR 09.31.06 to COMAR 31
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