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New York to consider title inducement legislation
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Legislative Developments
Wednesday, January 9, 2019
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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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