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 that financial institution, which statement shall set forth:

(a) The interest earned on each MAHT account, and

(b) If requested by MAHT, an itemized statement of each service charge assessed against the MAHT account.

B. Service Charges.

(1) Reasonable and customary charges for commercial accounts may be deducted from interest on the MAHT account, except charges for:

(a) Deposits of dishonored items;

(b) Presentations against insufficient funds;

(c) Overdrafts;

(d) Certified checks;

(e) Account reconciliations; and

(f) Wire transfers.

(2) If the aggregate service charges assessed against a title insurer or title insurance producer on all of its MAHT accounts held in a single financial institution exceed the aggregate interest earned on those MAHT accounts, the title insurer or title insurance producer is liable for payment of those service charges to the extent they exceed the earned interest.

(3) The Commissioner or MAHT may authorize a title insurer or title insurance producer to close all of its MAHT accounts or not open a MAHT account or accounts if the title insurer or title insurance producer:

(a) Demonstrates that it will cost or has cost more in reasonable and customary service charges for commercial accounts to maintain a MAHT account than will be or has been generated in interest by the MAHT account; and

(b) Agrees to open a MAHT account or accounts if the condition described in §B(3)(a) of this regulation is no longer applicable.

(4) These regulations do not preclude a financial institution from electing to waive service charges on a MAHT account.