News By Edition

The Illinois General Assembly is considering the Title Insurance Reform Act of 2023, which would require title agents to procure a certificate of authority from the secretary of financial and professional regulation prior to working as an agent. It would also outline duties applicable to residential real estate transactions for title insurance companies, title insurance agents, and independent escrowees.

The American Land Title Association provided its thoughts to the Financial Crimes Enforcement Network (FinCEN) regarding FinCEN’s notice of proposed rulemaking regarding beneficial ownership information access and safeguards and use of FinCEN identifiers for entities.

Ohio Attorney General Dave Yost is seeking preliminary and permanent injunctions against MV Realty of Ohio, the company’s founder and its principal broker to stop them from negotiating real estate contracts that violate Ohio law and from practicing real estate without proper licensing.

The Maryland General Assembly introduced legislation that would prohibit exclusive listing agreements for the sale of real property from being effective for more than one year. It would also require the State Real Estate Commission to include an assessment of the use of exclusive listing agreements in an annual report.

A Virginia homeowner sued the lender and trustee of her reverse mortgage for foreclosing on her property without providing proper notice under state laws. The trustee moved to dismiss the complaint.

The Connecticut General Assembly introduced legislation that would require the secretary of the Office of Policy and Management to establish a commission for the online recording, indexing and searching of municipal land records and maps, and create and maintain an online database for the recording, indexing and searching of municipal land records and maps.

A Certified Public Accountant from Lynn, Mass., was sentenced in federal court in Boston for creating fraudulent tax returns and submitting fraudulent letters to lenders in a multi-year mortgage fraud scheme.

After discovering that a property had been transferred to the debtor before filing for bankruptcy, despite later being transferred back to the conveyor, a bankruptcy trustee argued the property was part of the bankruptcy estate. The case eventually went before the 6th U.S. Circuit Court of Appeals.

The Florida Legislature is considering legislation that would, among other things, provide disposition of funds received by title insurance agencies and funds required to be maintained in escrow trust accounts.

The Connecticut General Assembly introduced legislation that would require mortgagees to deliver mortgage releases to the town clerk and accept certain forms of payment in satisfaction or partial satisfaction of a mortgage.

The Utah Legislature is considering insurance legislation that would, among other things, eliminate certain requirements for title insurance licensees to submit certain filings; clarify provisions relating to title companies’ deposit of trust money; and eliminate the requirement that the Title and Escrow Commission establish in rule an amount of costs and expenses that are covered by the annual assessment on agency title insurance producers and title insurers.

The California Privacy Protection Agency Board voted unanimously to adopt and approve the agency’s rulemaking package, as modified, to further implement the California Consumer Privacy Act.

A 61-year-old man was sent to federal prison after being convicted of money laundering and conspiracy to commit and committing wire fraud.

Maryland Insurance Commissioner Kathleen Birrane named a new chief hearings officer for the Maryland Insurance Administration.

After discovering a drainfield easement on property in Lancaster County, Va., the potential buyer withdrew from the sale. The current owners sought coverage of the easement and eventually filed suit against their title insurer for negligence and breach of contract.

The CoreLogic National Mortgage Application Fraud Risk Index for Q4 2022 was up 3.6 percent from the third quarter and down 7 percent from Q4 2021.

The New Mexico Legislature introduced legislation that would prohibit the submission of a deed that has attached a discriminatory restrictive covenant and declaring these covenants void. It would also require the removal of unlawful restrictive covenants, restrictions and conditions from instruments affecting the transfer of real property before instruments can be recorded.

The Arizona Legislature introduced legislation that would establish a real estate transfer tax for property transferred to an institutional investor.

Florida Gov. Ron DeSantis has nominated a new commissioner of the Florida Office of Insurance Regulation (FLOIR). His nominee will serve as interim commissioner until his nomination is approved.