What is the penalty for failure to notify the state of opening or closing a branch office?

What is the penalty for failure to notify the state of opening or closing a branch office?

• A. $500
• B. $250
• C. $750
• D. $100

Answer: (A)

Notification requirements for opening or closing a branch office exist to keep the regulator’s records accurate and to ensure proper supervision of title agent operations in the state. If a branch office status isn’t reported as required, a fixed penalty is imposed to deter this kind of noncompliance and to reinforce the importance of keeping the state informed about where business is conducted. The amount specified for this failure is five hundred dollars, which is the penalty set by the rule. The other dollar amounts don’t apply because they aren’t the penalty defined for this specific violation.

Notification requirements for opening or closing a branch office exist to keep the regulator’s records accurate and to ensure proper supervision of title agent operations in the state. If a branch office status isn’t reported as required, a fixed penalty is imposed to deter this kind of noncompliance and to reinforce the importance of keeping the state informed about where business is conducted. The amount specified for this failure is five hundred dollars, which is the penalty set by the rule. The other dollar amounts don’t apply because they aren’t the penalty defined for this specific violation.