Texas business associations call for title insurance rate reform; TLTA responds
Industry News, Regulatory Updates
On Feb. 2, the Texas Association of Business and the Texas Public Policy Foundation called for comprehensive reform of the state’s overly regulated title insurance system, arguing that consumers should be able to shop for rates. Read on for more on the initiative and how the Texas Land Title Association responded.
Florida DFS finalizes anti-inducement rule
The Florida Department of Financial Services has finalized a rule interpreting state law which provides that it is an unfair method of competition and unfair or deceptive act or practice to engage in certain activities related to title insurance. Read on to find out what activities are prohibited under the rule, which goes into effect Feb. 9.
Virginia BOI seeks clarity in settlement regulation
Late last year, the Virginia Bureau of Insurance, part of the State Corporation Commission, introduced proposed amendments to its regulation of settlement agents. Since that time, industry members and the Virginia Land Title Association have been submitting comments and meeting with the bureau to ensure the final product meets the bureau’s goals of clarity and accountability.
Massachusetts Attorney General squashes appeal to new foreclosure law
At the request of Secretary of the Commonwealth William Galvin, Massachusetts Attorney General Maura Healey determined that the Act Clearing Titles to Foreclosed Properties was not lawfully the subject of a referendum petition, ensuring the new law remains in effect. Read on for more details.
Industry seeks clarification on FinCEN geographic targeting orders
Regulatory Updates, The Blotter
After the Financial Crimes Enforcement Network issued Geographic Targeting Orders requiring title companies to identify the natural person behind companies used to pay “all cash” for high-end residential real estate in Manhattan and Miami-Dade County, industry members sought some clarification from FinCEN. The American Land Title Association wrote a letter to the group, outlining the areas industry members sought clarity on.
Industry tasked with identifying launderers
The Financial Crimes Enforcement Network issued Geographic Targeting Orders that will temporarily require U.S. title companies to identify the natural person behind companies used to pay “all cash” for high-end residential real estate in Manhattan and Miami-Dade County. FinCEN is concerned that these purchases are being done to hide the person’s assets and identity, allowing them to conduct money-laundering schemes. Read on for more details.