627.7831  Title binders and commitments; charges; collection.--

(1)  When a title insurance binder or a commitment to insure a title or risk is issued at the request of the insured or the insured's representative or agent, a portion of the risk premium must be charged for the binder or commitment when issued. The portion of the risk premium charged for the binder or commitment must be credited to the risk premium due upon issuance of the title insurance policy.

(2)  The amount charged under subsection (1) must be collected no later than the date of the closing or 12 months after the date of the commitment or binder, whichever occurs earlier, or another date agreed to in writing at the time of issuance of the binder or commitment.

(3)  This section does not apply to a transaction involving a residential property.