(1) A title insurance agent shall maintain records of its title orders sufficient to indicate the source of the title orders.

     (2) Every title insurance agent shall file with the commissioner annually by March 15th of each year for the previous calendar year, unless the commissioner for good cause shown extends the time for filing, a report, on a form prescribed by the commissioner, setting forth:

     (a) The names and addresses of those persons, if any, who have had a financial interest in the title insurance agent during the calendar year, who are known or reasonably believed by the title insurance agent to be producers of title business or associates of producers; and

     (b) The percent of title orders originating from each person who owns, or had owned during the preceding calendar year, a financial interest in the title insurance agent.

     (3) Each title insurance agent shall keep current the information required by that portion of the report required by subsection (2)(a) of this section by reporting all changes or additions within fifteen days after the end of the month in which it learns of each change or addition.

     (4) Each title insurance agent shall file that portion of the report required by subsection (2)(a) of this section with its application for a license.

     (5) Each title insurance agent licensed on June 12, 2008, shall file the report required under this section within thirty days after June 12, 2008.

[2008 c 110 § 2.]