Real Estate Modifications

HB 135 allows title insurance producers in Utah to use an attorney opinion letter instead of title insurance for certain real estate escrow transactions. This change directly affects title insurance companies and escrow providers who must now offer attorney letters as an alternative when handling transactions involving real property. The bill requires escrow funds to be held in separate, federally insured accounts and mandates strict segregation of funds, while prohibiting the use of escrow money for the producer's debts. It also maintains existing requirements for physical offices in Utah and specific account handling rules, with exceptions for School Trust Lands transactions.