Legislative Developments

The California General Assembly is considering a ban on private transfer fees that do not provide a direct benefit to the encumbered property. The topic of private transfer fees was a hot button topic a few years ago, with numerous states taking action and eventually the Federal Housing Finance Agency and Congress taking up the issue. Read on for more insight into the bill.

On April 11 and 12, Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, appeared before Congress to give his first semi-annual report for the bureau. During his appearances before the House and the Senate, he provided more insight into his new direction, and asked Congress to take specific legislative actions. Read on for more details.

Several industry associations, including the American Land Title Association, American Escrow Association, Mortgage Bankers Association and Real Estate Services Providers Council, wrote a letter to members of Congress, voicing their support for H.R. 5266, the Financial Product Safety Commission Act of 2018, which would establish a five-person, bipartisan commission to replace the current sole director governance structure of the Consumer Financial Protection Bureau. Read on for more details.

Florida Gov. Rick Scott signed a bill that, among other things, prohibits title agents, title insurance agencies or title insurers from giving insureds, prospective insureds or others any article of merchandise in excess of a specified value. Read on for more details.

Arizona adopted a bill that amends a statute regarding recording fees. Read on for more details.

Colorado Gov. John Hickenlooper signed a bill concerning fiduciary responsibilities of title insurance entities to protect funds held in conjunction with real estate closing settlement services. Read on for more details.

A seller appealed a decision from a trial court, seeking to recover damages for breach of an escrow agreement which the court denied. Read on for more details.

The Colorado General Assembly is considering a bill that would modify the foreclosure process on property that is encumbered by a deed of trust. Read on for more details.

The Florida legislature adopted a bill that revises the types, value and frequency of advertising and promotional gifts that licensed insurers or their agents may give to insureds, prospective insureds and others. It also prohibits title agents, title insurance agencies or title insurers from giving insureds, prospective insureds or others any article of merchandise in excess of a specified value. Read on for more details of the law that was presented to the governor on March 26.

A bill passed out of the Virginia General Assembly that would require that any funds due to the owner be payable to the owner’s attorney within 30 days of a settlement or final determination in an eminent domain proceeding. It now awaits the governor’s signature.