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Illinois seeks to amend Title Insurance Act
Posted Date: Wednesday, February 2, 2022
The Illinois General Assembly is considering legislation that would amend the state’s Title Insurance Act. Among other things, it would make it illegal for a person, firm or association to act as a title agent without being licensed by the secretary of financial and professional regulation, require independent escrowees to comply with the provisions of the bill, and require title agents to pay specified fees.
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Failed condo development leads to coverage dispute
Posted Date: Wednesday, February 9, 2022
After a condominium development failed, a title insurer agreed to defend its insureds’ mechanic’s lien claims, reserving the right to later challenge coverage of those claims. The insureds formed a company and, through a Morris agreement, assigned the company its rights, title and interest in any claims or actions against Fidelity. The company filed suit against the insurer for breach of contract and bad faith.
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Louisiana adopts RON rules
Posted Date: Wednesday, February 9, 2022
Louisiana established rules regarding the use of remote online notarization, implementing the statute that went into effect Feb. 1.
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Utah considers title amendments
Posted Date: Wednesday, February 9, 2022
The Utah Legislature is considering legislation that would, among other things, make changes to the Title and Escrow Commission and the title insurance statutes.
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Maryland considers manufactured housing legislation
Posted Date: Wednesday, February 9, 2022
The Maryland General Assembly is considering legislation that would authorize the owners of manufactured homes who do not own the land on which the home is affixed to convert the home to real property and requiring the owners of manufactured housing communities to comply with certain requirements when selling the manufactured housing community.
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Homeland Security establishes cyber safety review board
Posted Date: Wednesday, February 9, 2022
The U.S. Department of Homeland Security (DHS) established the Cyber Safety Review Board (CSRB), as directed in President [Joe] Biden’s Executive Order 14028 on Improving the Nation’s Cybersecurity.
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Tennessee considers deed conveyance requirements
Posted Date: Monday, February 7, 2022
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 agent or the owner of the property.
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Colorado considers amendments to privacy law
Posted Date: Monday, February 7, 2022
The Colorado General Assembly has introduced a bill that would authorize access to records maintained by a county recorder, county assessor, or county treasurer to certain individuals if the access is related to a real estate matter. It would add code enforcement officers to the list of protected persons whose personal information may be withheld from the internet.
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Homeowner seeks reconsideration of breach of contract claim
Posted Date: Monday, February 7, 2022
As part of a foreclosure action, the owner of property in Illinois filed suit against the title company that closed his 2011 refinance, alleging breach of contract and violation of the Illinois Consumer Fraud Act. He is currently asking the court to reconsider its ruling dismissing the case against the title insurer.
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Indiana General Assembly considers electronic document bill
Posted Date: Wednesday, February 2, 2022
The Indiana General Assembly is considering legislation that would prevent county recorders, auditors or assessors from refusing to accept or endorse a document because the document is an electronic document. The requirement would be effective Jan. 1, 2024.
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FinCEN issues proposed rule for SARs sharing pilot program
Posted Date: Wednesday, February 2, 2022
The Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking that proposes and solicits public comment on the establishment of a limited-duration pilot program for sharing suspicious activity reports (SARs).
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Maryland woman pleads guilty to wire fraud scheme
Posted Date: Wednesday, February 2, 2022
An Upper Marlboro, Md., woman pleaded guilty to wire fraud in connection with a mortgage fraud scheme. As part of her plea agreement, the woman will be required to pay $111,377.12 in restitution.
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CFPB launches initiative against junk fees
Posted Date: Monday, January 31, 2022
The Consumer Financial Protection Bureau launched an initiative to save households money by reducing junk fees charged by banks and financial companies. It seeks input from the public to help shape the agency’s rulemaking and guidance agenda. Among areas it is looking into is fees surrounding mortgages, including title insurance.
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FinCEN director addresses financial crimes prevention
Posted Date: Monday, January 31, 2022
During the American Bankers Association/American Bar Association Financial Crimes Enforcement Conference, Him Das, acting director of the Financial Crimes Enforcement Network, provided a state of the union for financial crimes and the community working to prevent them.
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Connecticut appellate court determines standing in adverse possession case
Posted Date: Monday, January 31, 2022
When the administrator of an estate filed an adverse possession case for a strip of property adjacent to that owned by the decedent and used by the decedent and his successors in interest for 15 years, the defendant moved to dismiss the case because the administrator lacked standing. It argued only the trustees of the trust in which the property was placed could bring such a suit.
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New York Senate confirms superintendent
Posted Date: Monday, January 31, 2022
The New York Senate confirmed Adrienne Harris as the superintendent of financial services. She was nominated by Gov. Kathy Hochul in August 2021.
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