News By Edition

If property is sold at a tax sale for more than the taxes owed on the property, who has a right to the excess equity? The U.S. Supreme Court’s decision on whether a Minnesota county unconstitutionally retained the excess value of a homeowner’s property above the tax debt in violation of the takings clause could change laws in states across the country.

Florida Gov. Ron DeSantis signed legislation creating the Title Fraud Prevention Through Identity Verification Pilot Program in Lee County. The new law also requires clerks of state circuit courts to create opt-in recording notification services and clarifies quiet title actions may be brought to quiet title after attempted fraudulent conveyances.

The Maine Legislature adopted legislation that would return to the former owner any excess funds remaining after the sale of foreclosed property. The law was adopted after the U.S. Supreme Court’s decision in Tyler v. Hennepin County regarding a similar law in Minnesota.

The Sacramento County Superior Court in June imposed a 12-month delay on enforcement of the California Privacy Protection Agency’s privacy regulations. The agency and California Attorney General Rob Bonta filed a petition with the Third District Court of Appeal to overturn the decision.

Arguing there were procedural irregularities and a miscalculation of the amount owed to them under two homestead exemptions, the former owners of a property appealed a trial court’s order denying their motion to vacate an order forcing the sale of their home.

A chapter 7 bankruptcy trustee filed a motion seeking the invalidation of a notice of lis pendens recorded by the debtor, alleging the notice fraudulently imposes a cloud on the title to property in Saugatuck, Mich.

The Alabama Department of Insurance amended Chapter 482-1-148, Title Insurance Agents, which puts forth its title agent licensing and compliance regulations. The amendments go into effect Jan. 1, 2024.

Ohio Attorney General Dave Yost secured a preliminary injunction against MV Realty.

Texas Gov. Greg Abbott signed legislation relating to the authority of entities regulated by the Texas Department of Insurance to conduct business electronically. The bill goes into effect Sept. 1.

The Cybersecurity & Infrastructure Security Agency released its cybersecurity strategic plan to lay out how it plans to fulfill its cybersecurity mission over the next three years.

A Missoula County, Mont., district judge ordered a title company into liquidation. The order follows a ruling from 2022 that placed the company into receivership.

Two Orange County residents have been charged by a federal grand jury with fraudulently obtaining more than $2 million by stealing the identities of homeowners – primarily elderly Vietnamese Americans – and duping banks into “cashing out” mortgages on their properties.

Texas Gov. Greg Abbott signed legislation that will amend the state’s online notarization law in regard to the notarization of tangible instruments. The bill goes into effect Jan. 1.

A bill regarding the regulation of future listing right purchase contracts has died in committee in the Texas Legislature.

A coalition of 13 associations, including the Mortgage Bankers Association, American Bankers Association, and National Fair Housing Alliance, wrote to the Consumer Financial Protection Bureau in support of the bureau’s proposed rule applying Regulation Z to residential Property Assessed Clean Energy Loans.

New Jersey Department of Banking and Insurance Acting Commissioner Justin Zimmerman will be required to publicly report information on how insurers are addressing and preparing for increasing climate change impacts.

An Orange Park, Fla., man pleaded guilty to conspiracy to commit wire fraud. He owned and managed a company that offered consumers mortgage auditing services nationwide.

After the purchasers of property in New Melle, Mo., were joined in a suit brought by the city for unknown ordinance violations due to a barn on the property, the purchasers filed a claim with their title insurer. The title insurer denied coverage and the purchasers filed suit. When the trial court granted summary judgment in favor of the insurer, the purchasers appealed.

The Nevada Legislature passed legislation that, among other things, will prohibit certain service agreements from being enforceable. The new law went into effect June 15.

The Property Records Industry Association’s Board of Directors approved the release of the Property Recording Alert Systems paper for a 30-day comment period. The paper is designed to help recorders increase awareness of deed fraud and help constituents monitor activity on their property.

The American Land Title Association wrote a letter supporting the Consumer Financial Protection Bureau’s proposed rule to subject Property Assessed Clean Energy Loans to the ability to repay and disclosure requirements of the Truth in Lending Act.

The Securities and Exchange Commission adopted rules requiring registrants to disclose cybersecurity incidents and to annually disclose information regarding their cybersecurity risk management, strategy, and governance. The commission also adopted rules requiring foreign private issuers to make comparable disclosures.

The Utah Insurance Department is considering repealing a process for the mandatory reporting of a fraudulent insurance act. Section 31A-31-110 was amended by HB 410, putting the reporting process in statute and making the rule unnecessary.