- A. A charge shall be collected for the initial six months and for each additional six-month renewal or extension (or portion thereof) of a commitment. If a new version of a commitment is issued to correct an error by the title insurer or agency, the new version shall be issued at no charge.
- B. If the transaction fails to close and no policy is issued, the title insurer or agency shall charge a cancellation fee.
- C. The charge for a pro forma policy shall be established in a title rate case. If a pro forma is issued to correct an error by the issuing title insurer or agency, the corrected version shall be issued at no charge.
[13.14.9.19 NMAC – Rp, 13.14.9.19 NMAC, 1/1/2021]