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NY DFS updates proposed cybersecurity regulations
Posted Date: Thursday, January 5, 2017
New York Financial Services Superintendent Maria T. Vullo announced that the New York State Department of Financial Services (DFS) has updated its proposed first-in-the-nation cybersecurity regulation to protect New York from the ever-growing threat of cyberattacks. The revision comes after receiving numerous comments and listening to concerns voiced during a hearing earlier in December. Read on for more details.
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Homeowner seeks to void transfer to securitized trust
Posted Date: Friday, December 23, 2016
A California woman argued that a defect in the securitization of her promissory note and deed of trust made the assignments thereafter void and sought to quiet title to her foreclosed-upon property. Read on for more details.
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Owner seeks dismissal of declaratory suit
Posted Date: Monday, December 19, 2016
After the owner of property in Texas demanded a title policy, and filed a complaint with the Texas Department of Insurance, a title insurer filed a declaratory judgment action seeking to have a court decide what it was required to do. The transaction had been closed by a settlement company that since has been liquidated, after failing to deliver the owner’s payment to the seller. The owner sought to dismiss the case. Read on for more details.
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Class action hinges on state of origin
Posted Date: Wednesday, December 21, 2016
Homeowners brought a class action in Utah against a national bank, alleging it illegally non-judicially foreclosed on their properties because it was a depository institution over properties secured by trust deed in the state. The case was dismissed by a federal district court before going to the 10th U.S. Circuit Court of Appeals, where the plaintiffs sought to reverse the district court’s decision that it had jurisdiction under the Class Action Fairness Act, and that the defendant was authorized to conduct the subject foreclosures under federal law. Read on for more details.
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FINRA enforcement emphasizes need to protect eRecords
Posted Date: Friday, December 23, 2016
Last week, the Financial Industry Regulatory Authority announced that it fined 12 firms a total of $14.4 million for significant deficiencies relating to the preservation of broker-dealer and customer records in a format that prevents alteration. The enforcement action highlights the need to maintain and protect electronic records properly. Read on for more details.
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Ohio passes Good Funds amendments
Posted Date: Friday, December 23, 2016
The Ohio General Assembly has passed a bill that, among other things, amends the state’s Good Funds statute. The bill awaits the signature of Gov. John Kasich. Read on for more details.
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Virginia bill would expand electronic doc delivery
Posted Date: Monday, January 2, 2017
Virginia will consider a bill to allow the electronic transfer of certain documents by circuit court clerks. The bill is designed to permit circuit court clerks to transfer electronically, or provide electronic access to, documents related to certain real property information to certain public officials. Read on for more details.
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Ohio bill discusses presumption of validity
Posted Date: Monday, January 2, 2017
A bill filed by Ohio state Sens. Bill Seitz (R-Hamilton) and Michael Skindell (D-Cuyahoga) would create a presumption of validity for recorded real property instruments, among other things. The bill also would reduce the time period for curing certain defects related to those instruments, and to provide constructive notice for those instruments, and to establish a procedure by which political subdivisions proposing a tax increment financing incentive district must notify affected property owners and permit them to exclude their property. Read on for the details.
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Changes to notice of sale requirements considered
Posted Date: Wednesday, December 21, 2016
The Missouri General Assembly will consider changes to its statutes regarding notice of sale requirements, allowing for electronic publication of those notices. Read on for more details.
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Mortgage-related settlements lead DOJ collections
Posted Date: Wednesday, December 21, 2016
U.S. Attorney General Loretta E. Lynch announced that the Justice Department collected more than $15.3 billion in civil and criminal actions in fiscal year (FY) 2016 ending Sept. 30, 2016. The collections represent more than five times the approximately $3 billion appropriated budget for the 94 U.S. Attorneys’ offices and the main litigating divisions of the Justice Department combined in that same period. Read on for more details.
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PropLogix sues condominium association
Posted Date: Wednesday, December 21, 2016
Last week, PropLogix went on the offensive by filing suit against the Villas of Emerald Lake Condominium Association in Florida when the association refused to reimburse PropLogix for a $250 estoppel fee on a transaction that never closed.
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AshleyMadison offers cybersecurity lessons
Posted Date: Wednesday, December 21, 2016
The Federal Trade Commission recently announced that the operators of Toronto-based AshleyMadison.com agreed to settle FTC and state charges that they deceived consumers and failed to protect 36 million users’ accounts in relation to a data breach. Read on for some lessons from the announcement.
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Flip scam leads to escrow dispute
Posted Date: Thursday, January 5, 2017
The Federal Deposit Insurance Corp., acting as receiver for a lender, filed suit against a title insurer for its conduct as an escrow agent for four flip transactions designed to allow the purchasers of the properties to circumvent the bank’s requirements that they make downpayments on the properties. The FDIC claimed the title insurer acted negligently and breach contractual and fiduciary duties in its role as closing agent. Read on for more details.
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Missouri could revise residential receivership statute
Posted Date: Thursday, January 5, 2017
The Missouri General Assembly prefiled a bill that would make several changes to the residential property receivership statutes. Among other things, it provides ways for receivers to sell the property after receiving approval from the court. Read on for more details.
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Illinois governor appoints new insurance director
Posted Date: Thursday, January 5, 2017
Illinois Gov. Bruce Rauner announced the resignation of the Department of Insurance director and the appointment of her replacement. Read on to learn more about the governor’s appointee.
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