|
Industry associations comment on FinCEN real estate reporting ANPRM
Posted Date: Wednesday, March 2, 2022
At the end of 2021, the Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a potential rule to address the vulnerability of the U.S. real estate market to money laundering and other illicit activity. Several industry associations provided their thoughts, including the American Land Title Association, Mortgage Bankers Association, and the Real Estate Providers Council Inc.
|
|
|
Former employee sues for gender discrimination
Posted Date: Wednesday, March 9, 2022
After being fired from his position at a title insurer, a former employee filed suit alleging gender discrimination after two women received promotions he felt he deserved. Certain claims previously had been dismissed and the title insurer moved for summary judgment on the rest.
|
|
|
Virginia General Assembly passes seller’s rights bill
Posted Date: Wednesday, March 9, 2022
The Virginia General Assembly passed legislation to clarify that a seller is not prohibited from retaining a licensed attorney to represent his interests and provide legal advice pertaining to escrow, closing, or settlement services. The bill awaits the governor’s signature.
|
|
|
FinCEN provides red flags on potential Russian sanctions evasions
Posted Date: Wednesday, March 9, 2022
The Financial Crimes Enforcement Network (FinCEN) issued a FinCEN Alert, advising all financial institutions to be vigilant against potential efforts to evade the expansive sanctions and other U.S.-imposed restrictions implemented in connection with Russia’s invasion of Ukraine.
|
|
|
Louisiana promulgates regulation on administrative and agency proceedings
Posted Date: Wednesday, March 9, 2022
The Louisiana Department of Insurance promulgated Regulation Number 120 regarding administrative proceedings instituted against licensees. The purpose of the regulation is to establish procedures for governing the institution of administrative and agency proceedings resulting in administrative action with respect to a licensee.
|
|
|
Washington Department of Licensing provides update on suspicious activity
Posted Date: Wednesday, March 9, 2022
The Washington Department of Licensing, which became aware of suspicious activity involving its Professional and Business Licensing System earlier this year, provided an update on the situation. It let the public know the system is back online and it has begun sending notification letters to those who may have been impacted.
|
|
|
California man pleads guilty to mortgage-modification fraud
Posted Date: Wednesday, March 9, 2022
An Orange County, Calif., man pled guilty to wire fraud in connection with a fraudulent foreclosure rescue scheme that took in at least $5 million in prohibited advance fees from thousands of financially distressed homeowners.
|
|
|
Rhode Island introduces attorney-agent bill
Posted Date: Monday, March 7, 2022
The Rhode Island Legislature introduced legislation that would provide that only attorneys licensed in the state of Rhode Island can act as title agents and that only attorneys could determine insurability and marketability of property. In addition, it would prevent title insurers from discounting title insurance premiums as set forth in rate manuals and prohibit sharing fees from premiums except between licensed title agents and licensed attorneys.
|
|
|
Does court have jurisdiction over non-residents?
Posted Date: Monday, March 7, 2022
After a Kansas man died, his wife went to sell their second home in Texas. Because his will was not probated, the company conducting the transaction had to get all his sons by a previous marriage to execute general warranty deed before the property could be sold. Each son was entitled to 12.5 percent of the proceeds, but two instructed that their portions go to the man’s wife. Instead, their shares went to their brothers. The brothers refused to give the extra funds back and the title agency filed suit. A lower court granted special appearances to both brothers, who were not residents of Texas. The title company appealed, arguing the trial court had specific personal jurisdiction over the brothers.
|
|
|
Virginia General Assembly passes disclosure bill
Posted Date: Monday, March 7, 2022
The Virginia General Assembly passed legislation regarding the duty to disclosure ownership interest and lis pendens. The bill awaits the governor’s signature.
|
|
|
|
Maryland names associate commissioner
Posted Date: Monday, March 7, 2022
Maryland Insurance Commissioner Kathleen Birrane has named Mary Kwei as associate commissioner of Market Regulation and Professional Licensing for the Maryland Insurance Administration.
|
|
|
|
|
Florida adopts RON rule
Posted Date: Wednesday, March 2, 2022
The Florida Department of State adopted rules to gather online notary public and remote online notarization (RON) provider information required by the state legislature. The rules went into effect Feb. 22.
|
|
|
Indiana General Assembly passes electronic document bill
Posted Date: Wednesday, March 2, 2022
The Indiana General Assembly passed legislation to prevent county recorders, auditors or assessors from refusing to accept or endorse a document because the document is an electronic document. The bill awaits the governor’s signature.
|
|
|
Colorado adopts notary program rules
Posted Date: Wednesday, March 2, 2022
The Colorado Secretary of State adopted provisions amending the Notary Program rules to provide providers with a right to respond and cure noncompliance with state requirements; require the Secretary of State notify applicants of application deficiencies if it denies approval of the provider; require the Secretary of State to outline the reasons it terminates the approval of a provider; and provide a right to file complaints with the Secretary of State against approved providers.
|
|
|
Hawaii Insurance Division issues memorandum on continuing education
Posted Date: Wednesday, March 2, 2022
Hawaii Insurance Commissioner Colin Hayashida issued Memorandum 2022- -3LIC to provide clear instructions to residential insurance producers (PROs) regarding the new timeline for the completion of continuing education, implemented on Jan. 1, 2022.
|
|
|
Virginia provides FAQs on split settlements letter
Posted Date: Monday, February 28, 2022
After receiving several questions on Administrative Letter 2022-01 regarding split settlements, the Virginia Bureau of Insurance provided answers to a list of frequently asked questions.
|
|
|
PRIA publishes paper on redaction best practices
Posted Date: Monday, February 28, 2022
During the Feb. 14, 2022, meeting of the Property Records Industry Association Board of Directors, the board unanimously approved the publication of Redaction Best Practices to PRIA’s Resource Library.
|
|
|
|
Connecticut considers mortgage-satisfaction bill
Posted Date: Monday, February 28, 2022
The Connecticut General Assembly is considering legislation that would require mortgagees to deliver mortgage releases to the town clerk and to accept certain forms of payment in satisfaction or partial satisfaction of a mortgage.
|
|
|
Insured seeks damages for breach of contract
Posted Date: Monday, February 28, 2022
An insured property owner filed suit against her underwriter, seeking to recover damages for breach of contract and for a judgment declaring losses she incurred are covered under a policy issued by her title insurer. After a New York trial court found in favor of the insurer, the insured appealed.
|
|
|