Tex.
Ins. Code Section 2501.003
Definitions
(1)
“Abstract plant” means an abstract plant as defined by the department under Section 2501.004 (Abstract Plant; Joint Abstract Plant Operation).(2)
“Attorney” means:(A)
a person who is licensed to practice law and is a member of the State Bar of Texas; or(B)
a Texas professional corporation organized to provide professional legal services.(3)
“Direct operation” means the operations of a title insurance company under a license issued to the company under Subchapter B, Chapter 2651 (Title Insurance Agents and Direct Operations). A reference in this title to a title insurance agent shall be construed to include a direct operation unless the context indicates otherwise.(4)
“Escrow officer” means an attorney, a bona fide employee of an attorney licensed as an escrow officer, a bona fide employee of a direct operation, or a bona fide employee of a title insurance agent whose responsibilities include:(A)
countersigning title insurance forms;(B)
supervising the preparation and delivery of title insurance forms;(C)
signing escrow checks; or(D)
closing the transaction, as described by Section 2501.006 (Closing the Transaction).(5)
“Foreign title insurance company” means a title insurance company organized under the laws of a jurisdiction other than this state.(6)
“Joint abstract plant operation” means a joint abstract plant operation as defined by the department under Section 2501.004 (Abstract Plant; Joint Abstract Plant Operation).(7)
“Person” includes an individual, corporation, association, partnership, or trust.(8)
“Premium” means the premium rates promulgated by the commissioner under Subchapters D and E, Chapter 2703 (Policy Forms and Premium Rates), and includes a charge for:(A)
title examination and closing the transaction, regardless of whether the examination or closing is performed by an attorney; and(B)
issuing the policy.(9)
“Residential real property” means real property that is improved and is designed principally for occupancy by one to four families. The term includes an individual unit of a condominium or cooperative.(10)
“Thing of value” includes any payment, advance, funds, loan, service, or other consideration.(11)
“Title examination” means the search and examination of a title to determine the conditions of the title to be insured and to evaluate the risk to be undertaken in the issuance of a title insurance policy or other title insurance form.(12)
“Title insurance” means:(A)
insurance that insures, guarantees, or indemnifies an owner of real property, or another interested in the real property, against loss or damage resulting from:(i)
a lien or encumbrance on or defect in the title to the real property; or(ii)
the invalidity or impairment of a lien on the real property;(B)
personal property title insurance, as defined by Chapter 2751; or(C)
any business that is substantially equivalent to the insurance described by Paragraphs (A) and (B) and is conducted in a manner designed to evade the provisions of this title.(13)
“Title insurance agent” means a person owning or leasing and controlling an abstract plant or as a participant in a bona fide joint abstract plant operation and authorized in writing by a title insurance company to solicit insurance and collect premiums and to issue or countersign policies on the company’s behalf.(14)
“Title insurance company” means:(A)
a domestic company organized under this title to engage in the business of title insurance, as described by Section 2501.005 (Business of Title Insurance);(B)
a foreign title insurance company that:(i)
meets the requirements of this title; and(ii)
holds a certificate of authority to engage in business in this state; or(C)
any other domestic or foreign company that:(i)
meets the requirements of this title; and(ii)
holds a certificate of authority to insure a title to real property in this state.
Source:
Section 2501.003 — Definitions, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.2501.htm#2501.003 (accessed Jun. 5, 2024).
