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Washington Supreme Court determines requirements for striking illegal covenants
Posted Date: Monday, April 4, 2022
The Supreme Court of Washington recently heard a case to determine what, under state statute, striking illegal covenants from the public records and eliminating them from the title means and whether a court order declaring the covenant struck and void is all that is required or allowed.
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Agency seeks coverage for fraud losses
Posted Date: Wednesday, April 6, 2022
After becoming the victim of an email scam from a scammer purporting to be the seller of a home, a title agency sought coverage for the losses from its professional liability insurer. The insurer denied the policy and the agency filed suit. The parties then filed cross-motions for summary judgment.
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Insurer seeks determination of policy validity
Posted Date: Wednesday, April 6, 2022
A title insurer filed a declaratory judgment action against the owner of property in Georgia, seeking a determination of the validity and effect of a title policy that it asserted the property owner was sent by mistake and without premium or other consideration.
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Mississippi Legislature passes licensing legislation
Posted Date: Wednesday, April 6, 2022
The Mississippi Legislature has passed legislation making the term of licenses and certificates issued by the commissioner of insurance perpetual until the commissioner revokes the license or certificate or the licensee or certificate holder forfeits the license or certificate. The bill awaits the governor’s signature.
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Escrow manager arraigned for wire fraud
Posted Date: Wednesday, April 6, 2022
A Roswell, N.M., escrow manager was arraigned in federal court on a 38-count indictment charging him with 34 counts of wire fraud and four counts of engaging in monetary transactions in property derived from specified unlawful activity.
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New Mexico reduces title insurance rates by 6 percent
Posted Date: Monday, April 4, 2022
The New Mexico Office of Superintendent of Insurance (OSI) approved the largest rate reduction in title insurance basic premium rates for New Mexico consumers in a decade. The six percent reduction in the title insurance basic premium rate will begin July 1, 2022.
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New Jersey issues bulletin on impact of war in Ukraine
Posted Date: Monday, April 4, 2022
The New Jersey Department of Banking and Insurance issued a bulletin regarding the war in Ukraine and its impact on department regulated entities. New Jersey Gov. Phil Murphy directed the department to issue the bulletin requiring regulated entities to fully comply with the United States sanctions on the Russian Federation and Belarus, as well as with New Jersey laws and regulations and federal laws and regulations.
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Short sale negotiator sentenced for mortgage-fraud scheme
Posted Date: Monday, April 4, 2022
The principal and co-founder of a mortgage short sale assistance company was recently sentenced in connection with defrauding mortgage lenders and investors out of nearly $500,000 in proceeds from about 90 short sale transactions.
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Maine considers RON legislation
Posted Date: Wednesday, March 30, 2022
The Maine Legislature is considering a bill that would implement the recommendation of the secretary of state’s study on remote and online notarization. The bill, based on the Revised Uniform Law on Notarial Acts, has the support of both the American Land Title Association and Mortgage Bankers Association.
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Homeowner seeks damages after claim denial
Posted Date: Wednesday, March 30, 2022
After a dispute arose with a neighbor regarding the ownership and use of a driveway, the owner of property in Scarsdale, N.Y., sought coverage from their title insurer. When the title insurer denied the claim because it was excepted from coverage, the owner sued. The case eventually went before the Supreme Court of New York Appellate Division: Second Judicial Department.
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New York adopts RON amendments
Posted Date: Wednesday, March 30, 2022
At the end of last year, New York Gov. Kathy Hochel signed legislation allowing notaries in the state to perform remote notarizations for paper and electronic documents with the passage of the legislation and amendments agreed upon by the Legislature and the governor. Gov. Kathy Hochel recently signed legislation adopting those amendments.
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California DFPI marks year of California Consumer Financial Protection Law
Posted Date: Wednesday, March 30, 2022
A year after implementing the California Consumer Financial Protection Law (CCFPL), the California Department of Financial Protection and Innovation (DFPI) announced it has collected close to $1 million in restitution for consumers, fielded hundreds of additional complaints related to the law, and launched more than 100 investigations using its expanded authority under the CCFPL.
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Utah adopts title amendments
Posted Date: Wednesday, March 30, 2022
Utah Gov. Spencer Cox signed legislation that, among other things, makes changes to the Title and Escrow Commission and the state’s title insurance statutes.
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