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New York appellate court upholds title insurance regs
Posted Date: Wednesday, January 16, 2019
In a decision reversing a state trial court’s decision, the New York Supreme Court, Appellate Division, First Department upheld most of the title insurance regulations issued by the state’s Department of Financial Services in late 2017. The regulations were the subject of scrutiny, with the New York Assembly Standing Committee on Insurance holding a hearing on the regulations before the New York State Land Title Association and two title insurance agents filed suit against DFS. Read on for more details.
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New Orleans attorney asks Treasury to address title insurance
Posted Date: Wednesday, January 9, 2019
In an effort to address perceived abuses of the title industry, a New Orleans attorney sued Treasury Secretary Steven Mnuchin, seeking a writ of mandamus to compel him to include information on the title industry in his annual reporting to Congress or to declare that title insurance is not insurance under federal law. Read on for more details.
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Title insurer seeks negligent misrepresentation dismissal
Posted Date: Monday, December 17, 2018
After purchasing property in Wheaton, Ill., a company discovered that there were unpaid sanitary district liens against the title to the property and that the legal description improperly included a portion of the property that had been dedicated to the city of Wheaton many years earlier. It filed suit against its title insurer, bringing three claims including a claim for negligent misrepresentation. The title company moved to dismiss that count against it. Read on for more details.
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New York to consider title inducement legislation
Posted Date: Wednesday, January 9, 2019
The New York State Assembly will consider a bill that would clarify that providing a benefit with the intention to compensate or offer compensation for any past or present placement for a particular piece of title insurance business by a title insurance corporation or agent is a prohibited illegal inducement under Section 6409(d) of the insurance law. This bill seeks to clarify the law in response to rulemaking by the state’s Department of Financial Services that would eliminate the requirement that a quid pro quo be present. Read on for more details.
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Virginia considers settlement kickback legislation
Posted Date: Wednesday, January 16, 2019
The Virginia General Assembly is considering a bill that relocates the existing provision that prohibits the paying or receiving of kickbacks, rebates, commissions, things of value or other payment pursuant to an agreement to refer business incident to a settlement, authorizing the State Corporation Commission to impose penalties, issue injunctions and require restitution in cases where a person who does not hold a license from the appropriate licensing authority has violated the provision. Read on for more details.
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Colorado Legislature to consider bill regarding deeds
Posted Date: Wednesday, January 16, 2019
The Colorado Legislature is considering a bill concerning deeds for the conveyance of real property. The bill seeks to establish requirements for title insurance entities that prepare deeds and establish forms for the preparation of deeds in certain circumstances. Read on for more details.
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NJ court affirms $1.3 million judgment for title company
Posted Date: Monday, January 14, 2019
A New Jersey appellate court affirmed a lower court’s judgment of $1.3 million in favor of a title company as subrogee for the buyer of an apartment building after it was discovered the sellers presented a false discharge of a $1.1 million lien on the property. Read on for more details.
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Ohio governor announces insurance director nominee
Posted Date: Wednesday, January 16, 2019
Shortly before his inauguration, Ohio Gov. Mike DeWine announced his nominees for members of the Cabinet, including his nominee for director of the state’s Department of Insurance. Read on for more details.
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NAIC committee leadership named
Posted Date: Wednesday, January 16, 2019
The National Association of Insurance Commissioners (NAIC) has named its 2019 committee chairs and vice chairs. The association also assigned members to the organization's standing committees based on preferences, experience and requirements established by the NAIC's Bylaws. Read on for more details.
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New York DFS releases guidance on whistleblowing programs
Posted Date: Monday, January 14, 2019
The New York State Department of Financial Services recently issued guidance to all entities regulated by the department to enunciate principles institutions should take into account when developing a whistleblowing program. Read on for more details.
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Indiana considering notice of sheriff’s sale legislation
Posted Date: Monday, January 14, 2019
The Indiana General Assembly is considering a bill that would require that before selling property at a sheriff’s sale, the sheriff would have to advertise the sale by posting a notice of the sale on a website maintained by the county in which the real estate is located or the office of the sheriff. Read on for more details.
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Virginia bill would require mineral rights disclosure
Posted Date: Monday, January 14, 2019
The Virginia General Assembly is considering a bill that would require property disclosures furnished by sellers to buyers that the seller of the residential real property makes no representation to the condition of the real property nor representation with regard to any conveyance of mineral rights. Read on for more details.
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Mortgage fraud mastermind sentenced
Posted Date: Monday, January 14, 2019
The mastermind of a mortgage fraud scheme that defrauded financially distressed homeowners, investors, and financial institutions of nearly $1.5 million dollars was sentenced to more than 13 years in federal prison. Read on for more details.
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Virginia considers refusal to record legislation
Posted Date: Wednesday, January 9, 2019
The Virginia General Assembly is considering a bill that would allow clerks to refuse to record liens or encumbrances under certain conditions. Read on for more details.
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Minnesota governor appoints commerce commissioner
Posted Date: Wednesday, January 9, 2019
Days before being sworn in as governor of Minnesota, Gov. Tim Walz announced the appointment of several department heads, including Steve Kelley as the commissioner of the Department of Commerce. Read on for more details.
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New Hawaii insurance commissioner named
Posted Date: Wednesday, January 9, 2019
Effective Jan. 1, 2019, the state of Hawaii had a new insurance commissioner after the director of the state’s Department of Commerce and Consumer Affairs named a new commissioner. Read on for more details.
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California man sentenced for fraud, identity theft
Posted Date: Wednesday, January 9, 2019
A Santa Monica, Calif., man pled guilty to mail fraud and identity theft charges in connection with a mortgage fraud scheme involving two waterfront residential properties in Broward County, Fla.
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Insurer sues title agency over errors coverage
Posted Date: Monday, January 7, 2019
After funding litigation and eventually a settlement over errors in title policies issued by one of its agents, a title insurer sued the title agency for breach of contract. The title agent later moved to dismiss. Read on for more details.
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New York governor appoints new DFS superintendent
Posted Date: Monday, January 7, 2019
Weeks after Maria Vullo announced she would step down as the superintendent of the New York State Department of Financial Services, Gov. Andrew Cuomo announced the appointment of several members of his administration, including a new NYSDFS superintendent. Read on for more details.
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House funding bills include GTO report requirement
Posted Date: Monday, January 7, 2019
Included in appropriation bills passed by the House last week to reopen the government was a requirement for the Financial Crime Enforcement Network to issue a report on the Geographic Targeting Orders issued since 2016. While the specific bill is unlikely to pass through the Senate, the provision may make it into the final agreement that does get signed by the president. Read on for more details.
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New York to consider title insurance assessment relief act
Posted Date: Monday, January 7, 2019
When it returns on Jan. 9, the New York State Assembly will consider a bill that would create the title insurance assessment relief act, which was introduced by the chair of the state Assembly Standing Committee on Insurance. Read on for more details.
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Indiana to consider judgment lien legislation
Posted Date: Monday, January 7, 2019
The Indiana General Assembly will consider a bill that would require additional identifying information be included when recording a judgment lien and requires that a judgment lien be extinguished when certain items are recorded with the county recorder. Read on for more details.
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New York man pleads guilty to conspiracy
Posted Date: Monday, January 7, 2019
A man from Pittsford, N.Y., pleaded guilty to conspiracy to commit bank fraud while employed as a vice president at a real estate management company. Read on for more details.
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