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Act 147 of 2002- What does it mean to the licensed title agent?
PLTA
On June 4, 2003 the provisions of the "Producer Licensing Modernization Act of 2003" went into effect. This is commonly referred to as Act 147. Most of this Act does not apply to title agents. The existing licensing requirements of Act 79 of 1995 (the title insurance statute) still control title agents. For this reason, a title agent is not considered to be a "Producer" under the Act and, therefore, the licensing requirements of Act 147 (such as, for example, the educational requirements, pre-licensing CE requirements and licensing reciprocity provisions) do not apply to title agents. The CE requirements previously applicable to title agents pursuant to Act 79 remain the same: All licensed title agents must take 24 hours of continuing education within their 2-year licensing cycle. Attorneys who are also title agents need only take 3 hours of continuing education within their 2-year licensing cycle, providing that they are compliant with their CLE requirement.
However, certain procedures contained in Act 147 do apply and have an impact on the licensing procedure for licensed title agents. The changes in procedure that are applicable to title insurance agents are as follows:
- The appearance of the application form has changed. However, most of the content remains the same.
- Act 147 also establishes the requirement that all license applicants must submit their fingerprints to the Insurance Department. Current resident licensees are not required to submit fingerprints immediately; however, you will be required to submit fingerprints on the first renewal date of your license after June 4, 2003. You should receive a fingerprint card with your renewal application. If not, you can get the card on written request from the Department of Insurance, Bureau of Producer Services, 1300 Strawberry Square, Harrisburg, PA 17120. The card and the fee of $24.00, payable to the Commonwealth of Pennsylvania, should be submitted with the renewal form and licensing fee. Do not combine the fees into one check.
- The Insurance Department will be sending notice prior to the expiration of a current license. The agent must complete the renewal form and attach the $55 fee and submit it to the Insurance Department before the expiration of the current license. However, in lieu of completing and returning a hard copy of the form, the Insurance Department is encouraging everyone to renew their licenses online at www.SIRCON.com. The process is much simpler and faster online.
- In addition, the requirement of submitting credits 60 days prior to the expiration of license is no longer in effect. If you are not compliant with CE requirements on the date your license expires, you have 60 days to complete the education requirement, submit a renewal form and pay the lapsed license fee of $165.00. If those items are received by the Department of Insurance within 60 days of the date of expiration, the license will be reinstated retroactively, with no gap in licensure. However, license renewals after 60 days but up to one year will not be retroactive. If those materials are received by the Department of Insurance more than 60 days after your license has lapsed, you will have a gap in licensure for that period and you are not allowed to sell, solicit or negotiate insurance during that time. The new Act imposes criminal and civil penalties for violation of this law. Persons whose license has been expired for one year or more must reapply and sit for the licensing examination in order to be re-licensed.
For more detailed information go to: www.ins.state.pa.us and click on "Producer Services"
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