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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 85. State Banking Department |
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Chapter 10. Supervision, Regulation and Administration of Banks, Trust Companies, and the Oklahoma Banking Code |
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Subchapter 11. Substantive Guidelines and Restrictions |
SECTION 85:10-11-18. Persons qualified to sell title insurance for trust companies
Latest version.
- (a) Any person who is employed or appointed by a trust company and who solicits applications for a policy of title insurance or negotiates a policy of title insurance shall comply with the provisions of the Oklahoma Insurance Code.(b) Trust companies which employ or appoint any such person shall obtain and maintain records from the Oklahoma Insurance Commissioner showing that each such person is duly licensed as an insurance agent for title insurance. Absence of the necessary records shall be prima facie evidence of noncompliance with this subsection.(c) Failure of the trust company to comply with this section may result in temporary suspension of its title insurance powers by the Commissioner or revocation of such powers by the Board.