Colorado Senate Bill 15-210 (C.R.S. 10-11-102) created a new Title Insurance Commission (TIC), which included the following identified powers, duties and functions:
(1)(c) PROPOSE, ADVISE, AND RECOMMEND THE ESTABLISHMENT OF ADDITIONAL CONSUMER PROTECTIONS IN STATUTE OR RULE RELATED TO THE MISAPPROPRIATION OF FUNDS, MISUSE OF PERSONAL INFORMATION, CLOSING AND SETTLEMENT SERVICES, OR OTHER CONCERNS. ADDITIONAL CONSUMER PROTECTIONS RECOMMENDED BY THE COMMISSION SHALL BE PROVIDED TO THE COMMISSIONER AND INCLUDED IN THE ANNUAL REPORT OF THE COMMISSIONER ON TITLE INSURANCE PROVIDED UNDER SECTION10-3-207 (1) (f) (IV).
For some unknown reasons, this new advisory Commission to the Commissioner of Insurance, has failed to make any consumer protection recommendations to the Commissioner of Insurance for inclusion in the Annual Reports of the Commissioner of Insurance to The Colorado General Assembly on Title Insurance. How will the Colorado General Assembly ever become aware of the need for more legislative consumer protections regarding the business of title insurance, especially after numerous defalcations by title company that has caused harm to many consumers?
The Title Insurance Commission doesn’t appear to understand its expectations and duties, which is a failure for consumers who need to be better educated and protected regarding the business of title insurance and closing settlement services.