265—9.1 (16) Definitions. The following words and phrases, when used in this chapter, shall have the meanings set forth below unless a meaning is inconsistent with the manifest intent or the context of a particular rule:
“Abstract”  means a written or electronic summary of all matters of record affecting title to a specific parcel of real estate prepared in accordance with abstract minimum standards adopted by the division, provided however, that for nonpurchase transactions, “abstract” may also mean a written or electronic short-form summary setting forth the titleholders, liens, and encumbrances in accordance with guidelines adopted by the division.
“Abstractor”  means a person who is engaged in the practice of searching public records for the purpose of creating abstracts.
“Authority”  means the Iowa finance authority established by Iowa Code chapter 16.
“Certificate”  means the form used to guarantee title, including any part or schedule thereof and any endorsements thereto.
“Claim”  means loss or damage or potential loss or damage arising by reason of a matter actually, possibly, or allegedly within the coverage of a commitment, certificate, closing protection letter, mortgage release certificate, or by reason of any other matter for which the division is actually, possibly, or allegedly liable.
“Claim loss”  means amounts paid by the division in the investigation and resolution of a claim including, but not limited to, payments to the guaranteed, payments to adverse claimants, attorneys’ fees, and all other expenses and costs related to or arising from the claim.
“Closing protection letter”  means the division’s written agreement to indemnify a lender or borrower or both for loss caused by a participating closer’s theft of settlement funds or failure to comply with written closing instructions relating to title certificate coverage when agreed to by the participating closer.
“Commitment”  means the division’s written offer to issue a certificate.
“Division”  means Iowa title guaranty, a division of the Iowa finance authority.
“Division board”  means the board of the division created pursuant to Iowa Code section 16.2A(1).
“Field issuer”  means a participant authorized by the division to issue commitments and certificates.
“Mortgage release certificate”  means a certificate of release or a certificate of partial release issued by the division, pursuant to Iowa Code section 16.92.
“Participant”  means a participating attorney, a participating abstractor, or a participating closer.
“Participating abstractor”  means an abstractor who is authorized by the division to prepare abstracts for division purposes.
“Participating attorney”  means an attorney licensed to practice law in the state of Iowa who is authorized by the division to prepare title opinions for division purposes.
“Participating closer”  means any of the following authorized by the division to issue a closing protection letter: an Iowa licensed attorney disbursing funds through an interest on lawyer trust account, a closing agent licensed by the Iowa division of banking, or a real estate broker licensed by the Iowa real estate commission disbursing funds through a real estate trust account.
“Party”  means a participant, or any other person, that has a contractual relationship with the division to provide services for which a claim may be brought against the division.
“Person”  means an individual or legal entity, including corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity.
[ARC 2506C, IAB 4/27/16, effective 6/1/16]