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Victim of wire fraud seeks claims against bank
Posted Date: Monday, June 27, 2022
After the title company that was handling his purchase of property became the victim of a data breach, the buyer unknowingly sent fraudulent wiring instructions to his bank. After discovering the fraudulent wire instructions, the buyer worked with his bank to recover the funds.
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Utah Title and Escrow Commission to hold hearing on cost of escrow business rule
Posted Date: Monday, June 27, 2022
On July 11, 2022, the Utah Title and Escrow Commission will hold a rule hearing for R592-18, Cost of Doing the Escrow Business. The rule would establish a standard for determining compliance with a state law that prohibits title insurance agencies from providing below-cost escrow services.
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Virginia adopts payment clause for construction contracts
Posted Date: Monday, June 27, 2022
Virginia Gov. Glenn Youngkin signed legislation that requires construction contracts in which there is at least one general contractor and one subcontractor to include payment clause that obligates the contractors to be liable for the entire amount owed to any subcontractor with which it contracts. The bill goes into effect Jan. 1, 2023 and will apply to construction contracts executed on or after Jan. 1, 2023.
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Former partner sues partners for transferring assets, establishing new corporations
Posted Date: Wednesday, June 22, 2022
After the Texas Department of Insurance investigated partnerships between three attorneys and one non-attorney to determine whether a licensed attorney was supervising the work of employees conducting closings, the three attorney partners transferred partnership assets and business to newly established law firms. After unsuccessful settlement negotiations, the non-attorney partner sued the lawyers and their law firms.
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Flagstar Bank reports data breach impacting more than 1.5 million
Posted Date: Wednesday, June 22, 2022
In a disclosure to the Office of the Maine Attorney General, Flagstar Bank reported that a data breach occurred on Dec. 3 and 4, 2021. It discovered on June 2, 2022, that the information of more than 1.5 million customers had been impacted.
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California considers limited liability company notice bill
Posted Date: Wednesday, June 22, 2022
The California Legislature is considering a bill that would require the secretary of state to establish a procedure to notify limited liability companies that an updated statement of information has been filed for the limited liability company.
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Supreme Court of Washington determines mortgage priority
Posted Date: Monday, June 20, 2022
The Supreme Court of Washington recently determined whether a senior mortgage holder’s future advances clause maintains priority over an intervening junior mortgage on the same property.
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Louisiana governor signs privacy law
Posted Date: Monday, June 20, 2022
Louisiana Gov. John Bel Edwards signed legislation regarding the disclosure of personal information of certain persons. The new law goes into effect Aug. 1.
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Buyer, seller dispute breach of contract
Posted Date: Monday, June 20, 2022
When a buyer did not close on the purchase of property, the seller declared a breach of the contract. The buyer then sued for the return of its deposit. A trial court granted the buyer summary judgment, finding the seller had breached first by failing to provide documents referred to in the title commitment. The seller appealed.
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CFPB to rethink approach to regulations
Posted Date: Monday, June 20, 2022
In a recent blog post, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra said the bureau is seeking to move from highly complicated rules toward simpler and clearer ones, as well as dramatically increasing the amount of guidance it is providing to the marketplace.
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Alabama insurance commissioner to retire
Posted Date: Monday, June 20, 2022
Alabama Gov. Kay Ivey announced Alabama Department of Insurance Commissioner Jim Ridling will retire at the end of the month after nearly 14 years serving the state.
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