News By Edition

A law firm that acted as an agent for a title insurer hired an abstract company to provide a title search for a refinance transaction. The abstract company performed a title search for the property that missed a prior mortgage on the property and the attorney agent issued the policy on the insurer’s behalf without excepting the prior mortgage. After paying the claim, the insurer filed suit to recover the funds from the firm and abstract company. The law firm filed a motion to dismiss, arguing the claims against it were time-barred under the state’s legal services liability act.

A property owner sued for negligence the abstractor that conducted the title searches for five transactions to purchase connected parcels of property in Dawes County, Neb., for failing to discover a possible claim for a road based on an 1887 road petition. The property owner had filed a quiet title suit against neighbors disputing driveway access to the neighbors across his property.

The Indiana General Assembly introduced legislation that would amend the definition of good funds for the purposes of an escrow transaction.

The American Property Casualty Insurance Association, The Council of Insurance Agents and Brokers, CyberAcuView, and The Wholesale & Specialty Insurance Associationsubmitted a joint letter to the Federal Insurance Office in response to its request for comments on a “Potential Federal Insurance Response to Catastrophic Cyber Incidents.”

The Nebraska Legislature is considering a bill that would eliminate the requirement that an annual review of a title insurance agent’s practices by a title insurer must be onsite.

The Wisconsin Office of the Commissioner of Insurance announced appointments to the agency leadership and senior management team.

Oklahoma Insurance Commissioner Glen Mulready was sworn into office for his second term by Oklahoma Supreme Court Chief Justice M. John Kane IV on Jan. 9.

The Federal Trade Commission proposed a rule that would ban employers from imposing noncompetes on their workers. The agency estimates the new proposed rule could increase wages by nearly $300 billion per year and expand career opportunities for about 30 million Americans.

The Missouri General Assembly is considering changes to the laws regarding real property to require the filing of a certificate of value before transferring interest in real property.

The Oklahoma State Legislature is considering extending the sunset date of the Oklahoma Abstractors Board.

Terry Reynolds, the director of the Nevada Department of Business and Industry, announced the appointment of an interim insurance commissioner at the Nevada Division of Insurance. The appointment was made following the resignation of Barbara Richardson, who served in the role since March 2016.

Michigan Department of Insurance and Financial Services Director Anita Fox announced the promotion of a new general counsel.

The Oklahoma Insurance Department announced it awarded a contract to PSI to administer the insurance licensing examinations for the state beginning Feb. 16.

A title company acting as escrow holder for a real estate broker’s commission for the rental and subsequent sale of property for the owner got caught in a dispute between the broker and owner when the owner failed to pay the commission to the broker.

The Kentucky Department of Insurance issued Advisory Opinion 2023-01 Re: Insurance Data Security & Cybersecurity Requirements, clarifying the department’s requirements for reporting and handling cybersecurity events, pursuant to HB 474, which was adopted during the 2022 session and went into effect Jan. 3.

The Disciplinary Review Board of the Supreme Court of New Jersey has censured an attorney for a conflict of interest by steering several clients to the title company he worked at for closings without the clients’ consent.

The Wisconsin Department of Financial Institutions issued a notice that homeowners’ associations are now required to annually file public notices with the department regarding certain information, which will then be published on the department’s website for the public.

The Ohio General Assembly adopted legislation that, among other things, makes changes concerning the validity of real property instruments and fiduciary signature errors.

Connecticut Gov. Ned Lamont announced he will reappoint Insurance Commissioner Andrew Mais.

A New Jersey appellate court recently held that an unrecorded mortgage is enforceable and sufficient to trigger statutory interest caps under state law.

Sen. Sherrod Brown (D-Ohio), chair of the Senate Committee on Banking, Housing and Urban Affairs, along with Sen. Tina Smith (D-Minn.), chair of the Senate Subcommittee on Housing, Transportation and Urban Development, and Sen. Ron Wyden (D-Ore.), sent a letter to the Federal Trade Commission and the Consumer Financial Protection Bureau requesting a review of real estate brokerage firms’ use of exclusive listing agreements.

Several counties in Ohio and across the country reported their computers were down the last week of 2022 after a potential vendor cyberattack.

In one of several cases filed by an insured lender against its title insurer for denying coverage of a homeowner association foreclosure, a federal judge in Nevada remanded the case to state court, finding the removal was improper.

The Oklahoma Legislature is considering legislation that would permit certified copies to be made in accordance with the Uniform Real Property Electronic Recording Act and allowing fees to be charged for certified records in accordance with certain fee schedules.

The Consumer Financial Protection Bureau has proposed a registry of company and court order information for nonbank financial firms to help the bureau identify and mitigate risks to American households.

Homeowners sued their title insurer along with their liability insurer, arguing the title insurer failed to ensure they had proper liability coverage before conducting the closing. The title insurer, as well as the liability insurer, moved to dismiss the suit.

New York Attorney General Letitia James reached a settlement with Stewart Title Guaranty Corp., ending no-poach agreements between Stewart and its competitors and requiring Stewart to pay $2.5 million.

Since the first discussions about eClosing, remote online notarizations (RONs), eMortgages, and similar digital closing tools, they have been held up as being more secure than paper transactions. Many have felt confident in touting these products, lobbying legislators and regulators for their use and encouraging other industry members to get on board. But what makes these transactions secure, and how can we play a part in ensuring their security?

A bill has been prefiled in the Missouri General Assembly to submit to the qualified voters of Missouri an amendment to repeal Section 4(b) of Article X of the Constitution of Missouri and adopt one new section in lieu thereof relating to property tax assessments.

The Financial Crimes Enforcement Network issued a Financial Trends Analysis on the financial activity of Russian oligarchs. The report noted, among other things, that Russian oligarchs purchased high-value goods or property in 2022, including real estate in other countries leading up to the invasion on Ukraine.

A South Carolina mortgage servicing company will pay $975,000 and change its business practices to resolve allegations in Massachusetts that the company failed to make required efforts to help homeowners avoid foreclosure and engaged in other unfair debt collection and mortgage servicing practices.