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Fifth Circuit reviews coverage from title agent’s crime protection policy
Posted Date: Monday, February 6, 2023
An escrow agent filed a claim of loss due to a fraudulent routing number supplied to it. Its crime protection insurer denied the claim, determining the fraud was not covered by the funds transfer fraud endorsement in the agent’s crime protection insurance policy. After a federal district court granted partial summary judgment to the title agent, the insurer appealed the decision to the 5th U.S. Circuit Court of Appeals.
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Legislative and regulatory efforts for the year ahead
Posted Date: Monday, January 30, 2023
As we continue forward in this year, with numerous pieces of legislation and regulation at the federal and state level, what is it we should pay the most attention to? And how should we approach getting involved to impact the changes ahead?
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FCC orders telecommunication companies to mitigate illegal traffic from MV Realty
Posted Date: Monday, February 6, 2023
The Federal Communication Commission (FCC) took action to shut down an apparent homeowner-focused robocall scam campaign. The FCC’s enforcement bureau ordered telecommunication companies to mitigate suspected illegal traffic from dialing platform PhoneBurner facilitating apparently illegal robocall traffic from real estate brokerage firm MVRealty to targeted consumers.
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Tennessee considers deed preparation legislation
Posted Date: Wednesday, February 8, 2023
The Tennessee General Assembly is considering legislation that would require deeds for the conveyance of real property be prepared and filed by a licensed attorney, title insurance agent or the owner of the property.
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FinCEN issued alert on potential commercial real estate investments by sanctioned Russian oligarchs
Posted Date: Wednesday, February 8, 2023
The Financial Crimes Enforcement Network is issuing an alert to financial institutions on potential investments in the U.S. commercial real estate sector by sanctioned Russian elites, oligarchs, their family members, and the entities through which they act. The alert lists potential red flags and typologies involving attempted sanctions evasion in the commercial real estate sector and reminds financial institutions of their Bank Secrecy Act (BSA) reporting obligations.
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FTC hosts forum on proposed rule on noncompete clauses
Posted Date: Monday, February 6, 2023
The Federal Trade Commission (FTC) will host a public forum on Feb. 16 examining the FTC’s proposed rule to prohibit employers from imposing noncompetes on their workers, and providing an opportunity for people to directly share their experiences with noncompetes.
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Borrower sued for not paying loan for rescinded property sale
Posted Date: Wednesday, February 1, 2023
A now-insolvent company owned by two sisters purchased property in Pasadena, Calif. After receiving their loan, the seller rescinded the sale. The sisters failed to inform the lender, continuing to pay the required interest-only payments on the loan for six years. The lender began foreclosure proceedings and discovered the sale had been rescinded. After settling with the title insurer, the title insurer sued the sisters for breach of contract and fraud.
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Colorado Division of Insurance provides 2022 report on title industry
Posted Date: Wednesday, February 1, 2023
The Colorado Division of Insurance provided the state’s General Assembly with its annual report on the title insurance industry. The report contains data on the number of enforcement actions taken, as well as market trends associated with the industry for the year 2022.
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NAIC names 2023 committee leadership
Posted Date: Wednesday, February 1, 2023
The National Association of Insurance Commissioners named its 2023 committee chairs and vice chairs. It also assigned members to its standing committees and named its 2023 task force chairs and vice chairs.
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Texas AG investigates Home Title Lock
Posted Date: Monday, January 30, 2023
Texas Attorney General Ken Paxton announced an investigation of Home Title Lock for potentially violating the Texas Deceptive Trade Practices Act by misleading consumers with deceptive statements concerning the prevalence of home title theft and the need for Home Title Lock’s services.
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Virginia considers bill on release of judgment liens
Posted Date: Monday, January 30, 2023
The Virginia General Assembly is considering a bill that creates a procedure by which a settlement agent may release a judgment lien when the lien creditor has failed to respond to a request in writing to pay the amount owed.
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