Ala. Admin. Code r. 482-1-148-.08

Current through Register Vol. 42, No. 11, August 30, 2024

Section 482-1-148-.08 - [Effective until 10/1/2024] Renewal Of Licenses

(1) All title insurance agents licensed in the State of Alabama are required to complete an application for license renewal with the Department according to the schedule set forth in this rule, which shall include the payment of the applicable fees, provided in Code of Ala. 1975, § 27-25-4.7(a)(1), as set forth below:

(a) For individual licensees:

1. For renewals received on or before the license expiration date, the biennial license renewal fee $40.00

2. For renewals received during the first 30 days following the license expiration date, the biennial license renewal fee plus the $50.00 late renewal fee $90.00

3. For reinstatements received after the first 30 days following the license expiration date but within 12 months following the license expiration date, double the biennial license renewal fee [as required in Code of Ala. 1975, § 27-25-4.2(d)] $80.00

(b) For business entity licensees:

1. For renewals received on or before the license expiration date, the biennial renewal license fee $100.00

2. For renewals received during the first 30 days following the license expiration date, the biennial license renewal fee plus the $50.00 late renewal fee $150.00

(2)

(a)

1. All individual licensees shall renew their license biennially based on their month and year of birth.

2. Licensees Born in Even-numbered Years. The license of an individual licensee born in an even-numbered year will expire if not renewed at the end of the licensee's birth month in every even-numbered year.

3. Licensees Born in Odd-numbered Years. The license of an individual licensee born in an odd-numbered year will expire if not renewed at the end of the licensee's birth month in every odd-numbered year.

(b) Notice is hereby given that beginning approximately ninety (90) days prior to license expiration, individual licensees can access the Department's Web site for the purpose of completing their application for license renewal. An initial individual license shall not expire within the first ninety (90) days of its effective date.

(c) All individual licensees shall complete an application for license renewal on the Department's Web site by the license expiration date, to include payment of the applicable fee as set forth in paragraph (1).

(3)

(a) Expiration of Business Entity Title Insurance Agent Licenses. All business entity title insurance agent licenses shall expire if not renewed on December 31 of every even-numbered year, except an initial business entity license issued on or after October 1 of an even-numbered year shall not expire until December 31 of the next even-numbered year.

(b) Notice is hereby given that beginning on October 1 next preceding license expiration, business entity licensees can access the Department's Web site for the purpose of completing their application for license renewal.

(c) All business entity licensees shall complete an application for license renewal on the Department's Web site prior to license expiration, to include payment of the applicable fee as set forth in paragraph (1). Any license not renewed by the license expiration date may still be renewed during the first 30 days following expiration, with reinstatement retroactive to the expiration date, by paying the applicable fee set forth in paragraph (1).

Ala. Admin. Code r. 482-1-148-.08

New Rule: October 18, 2012; effective January 1, 2013. Filed with LRS October 18, 2012. Rule is not subject to the Alabama Administrative Procedure Act.

Amended by Alabama Administrative Monthly Volume XXXVI, Issue No. 09, June 29, 2018, eff. 1/1/2019. Rule is not subject to the Alabama Administrative Procedure Act.

Amended by Alabama Administrative Monthly Volume XLI, Issue No. 10, July 31, 2023, eff. 9/14/2023; operative 1/1/2024.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-5-4, et seq., 27-25-8.

The amended version of this section by Alabama Administrative Monthly Volume XLII, Issue No. 09, June 28, 2024, filed June 12, 2024 is not yet available.