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California Supreme Court addresses rate dispute
Posted Date: Wednesday, March 24, 2021
The Supreme Court of California recently determined whether a consumer can challenge charges as unlawful if a title insurer charged rates without filing them. Insured homeowners sued their title company, arguing the overnight delivery fee, courier fee and draw deed fee were illegal. The trial court agreed with the couple while the appellate court reversed the decision, contending that the insurer was immune from the suit under state law. Read on for more details.
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West Virginia passes bill to address zombie properties
Posted Date: Wednesday, March 24, 2021
The West Virginia Legislature passed the Zombie Property Remediation Act of 2021, authorizing a municipality to compel a foreclosure and requiring a conveyance of the deed following foreclosure. Read on for more details.
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Eleven plead guilty to multi-year fraud scheme
Posted Date: Wednesday, March 24, 2021
Eleven defendants pleaded guilty to conspiracy to defraud in a mortgage fraud scheme spanning more than four years and resulting in the approval of more than 100 mortgages based on fabricated documents and false information. Read on for more details.
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Washington OIC issues cease and desist order for inducements
Posted Date: Monday, March 22, 2021
The Washington Office of the Insurance Commissioner issued a cease-and-desist order to an online real estate closing platform for allegedly engaging in arrangements to avoid state insurance regulations, offering illegal inducements and offering complimentary non-title goods or services. Read on for more details.
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Congress introduces marijuana insurance bill
Posted Date: Monday, March 22, 2021
U.S. Sens. Bob Menendez (D-N.J.), Rand Paul (R-Ky.) and Jeff Markley (D-Ore.) introduced bipartisan legislation to ensure legal marijuana and related businesses have access to comprehensive and affordable insurance coverage. Read on for more details.
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IC3 releases 2020 Internet Crime Report
Posted Date: Monday, March 22, 2021
The FBI’s Internet Crime Complaint Center released its annual report, pointing out the top three crimes reported throughout the year. Read on for more details.
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Connecticut considers mortgage release, mechanic’s lien bill
Posted Date: Monday, March 22, 2021
The Connecticut General Assembly is considering a bill that would allow the owner of real estate subject to a mechanic’s lien to substitute the lien with a bond, as well as require a mortgagee to send a notice of the release when a mortgage is paid off. Read on for more details.
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Insured seeks coverage for mechanic’s liens
Posted Date: Wednesday, March 17, 2021
When a project it funded fell through, an insured lender sought coverage for mechanic’s liens for work on the property prior to its financing. It argued provisions of a standards policy covered those liens, despite eliminating a covered risk that would have specifically covered the mechanic’s liens. When the title insurer denied coverage, the lender filed suit. The case eventually went before the Fifth U.S. Circuit Court of Appeals. Read on for more details.
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CCPA regulation amendments now in effect
Posted Date: Wednesday, March 17, 2021
Amendments to the California Consumer Privacy Act’s (CCPA) regulations went into effect on March 15, 2021. Read on for more about the changes.
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Governor signs Virginia electronic recording amendments
Posted Date: Wednesday, March 17, 2021
Virginia Gov. Ralph Northam signed legislation requiring clerk’s offices to record a paper copy of electronic documents, electronic notarial certificates to include the county in which the notary was located and indicate whether the notarization was done in person or remotely and add additional forms of satisfactory evidence of identity for remote notarizations. Read on for more details.
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Assignee sues borrowers for breach of HELOC
Posted Date: Wednesday, March 17, 2021
The assignee of a mortgage and home equity line of credit filed suit against line of credit borrowers to recover damages for the borrowers’ breach of home equity line of credit assignment. Read on for more details.
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Iowa considers recording legislation
Posted Date: Wednesday, March 17, 2021
The Iowa Legislature is considering a bill related to the use of fees collected by a county recorder or the governing board of the county land record information system for processing and recording instruments. Read on for more details.
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Agent pleads guilty to fraud in 48 transactions
Posted Date: Wednesday, March 17, 2021
The former president of an escrow and title company pleaded guilty to misappropriating $715,000 of closing funds in connection with 48 real estate transactions for which she served as the settlement agent. Read on for more details.
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Virginia adopts Consumer Data Protection Act
Posted Date: Monday, March 15, 2021
Virginia Gov. Ralph Northam signed the Consumer Data Protection Act, which provides consumers specific rights regarding the use of their personal data. Read on for more details.
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CFPB rescinds abusiveness policy statement
Posted Date: Monday, March 15, 2021
The Consumer Financial Protection Bureau (CFPB) announced it is rescinding its Jan. 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.” Going forward, the CFPB said it intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act as established by Congress. Read on for more details.
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North Carolina considers good funds legislation
Posted Date: Monday, March 15, 2021
The North Carolina Legislature is considering a bill that would amend its good funds legislation to allow settlement agents to disburse settlement proceeds in reliance on a check drawn on the account of or issued by a licensed mortgage lender. Read on for more details.
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Oklahoma considers lien-release bill
Posted Date: Monday, March 15, 2021
The Oklahoma Legislature is considering legislation relating to mortgage holders releasing mortgages, authorizing an agent of a mortgagor to make written requests to a holder of mortgage. Read on for more details.
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