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Illinois General Assembly considers Title Insurance Reform Act
Posted Date: Wednesday, February 15, 2023
The Illinois General Assembly is considering the Title Insurance Reform Act of 2023, which would require title agents to procure a certificate of authority from the secretary of financial and professional regulation prior to working as an agent. It would also outline duties applicable to residential real estate transactions for title insurance companies, title insurance agents, and independent escrowees.
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ALTA provides comments on FinCEN BOI access notice of proposed rulemaking
Posted Date: Friday, February 17, 2023
The American Land Title Association provided its thoughts to the Financial Crimes Enforcement Network (FinCEN) regarding FinCEN’s notice of proposed rulemaking regarding beneficial ownership information access and safeguards and use of FinCEN identifiers for entities.
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Ohio AG sues MV Realty for illegal practices
Posted Date: Friday, February 17, 2023
Ohio Attorney General Dave Yost is seeking preliminary and permanent injunctions against MV Realty of Ohio, the company’s founder and its principal broker to stop them from negotiating real estate contracts that violate Ohio law and from practicing real estate without proper licensing.
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Maryland General Assembly seeks to limit duration of exclusive listing agreements
Posted Date: Monday, February 13, 2023
The Maryland General Assembly introduced legislation that would prohibit exclusive listing agreements for the sale of real property from being effective for more than one year. It would also require the State Real Estate Commission to include an assessment of the use of exclusive listing agreements in an annual report.
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Connecticut considers commission on online recording
Posted Date: Wednesday, February 15, 2023
The Connecticut General Assembly introduced legislation that would require the secretary of the Office of Policy and Management to establish a commission for the online recording, indexing and searching of municipal land records and maps, and create and maintain an online database for the recording, indexing and searching of municipal land records and maps.
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Utah considers insurance bill regarding filing requirements, trust funds
Posted Date: Wednesday, February 15, 2023
The Utah Legislature is considering insurance legislation that would, among other things, eliminate certain requirements for title insurance licensees to submit certain filings; clarify provisions relating to title companies’ deposit of trust money; and eliminate the requirement that the Title and Escrow Commission establish in rule an amount of costs and expenses that are covered by the annual assessment on agency title insurance producers and title insurers.
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Texas man sentenced for deed fraud
Posted Date: Wednesday, February 15, 2023
A 61-year-old man was sent to federal prison after being convicted of money laundering and conspiracy to commit and committing wire fraud.
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Property owners seek easement coverage after failed sale
Posted Date: Monday, February 13, 2023
After discovering a drainfield easement on property in Lancaster County, Va., the potential buyer withdrew from the sale. The current owners sought coverage of the easement and eventually filed suit against their title insurer for negligence and breach of contract.
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New Mexico introduces discriminatory restrictive covenant legislation
Posted Date: Monday, February 13, 2023
The New Mexico Legislature introduced legislation that would prohibit the submission of a deed that has attached a discriminatory restrictive covenant and declaring these covenants void. It would also require the removal of unlawful restrictive covenants, restrictions and conditions from instruments affecting the transfer of real property before instruments can be recorded.
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Arizona considers real estate transfer tax
Posted Date: Monday, February 13, 2023
The Arizona Legislature introduced legislation that would establish a real estate transfer tax for property transferred to an institutional investor.
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