News By Edition

Two U.S. senators introduced bipartisan legislation to protect the nation’s state-based insurance regulatory system and ensure the Consumer Financial Protection Bureau does not overstep its statutory authority. Their bill would clarify the jurisdiction granted to the CFPB and affirm that state insurance regulators are best positioned to oversee insurers and safeguard the interests of consumers.

Qualia Labs Inc. filed suit against Settlor Inc. and a former employee, alleging that the employee stole trade secrets before terminating her employment at Qualia and taking that information to Settlor.

A lender filed suit against its title insurer after the insurer denied defense of the lender in a suit brought by a person alleging that the lender and others conspired to obtain fraudulent mortgages and aided and abetted a conman. Various motions went before the U.S. District Court for the District of Maryland.

The Financial Crimes Enforcement Network (FinCEN) updated its Beneficial Ownership Information Frequently Asked Questions again. It included new information about reporting companies, beneficial owners, company applicants, reporting requirements, and reporting company exemptions, as well as updated information about FinCEN identifiers.

The Virginia General Assembly is considering legislation that would add a knowledge-based authentication assessment to the methods by which a notary may obtain satisfactory evidence of the identity of an individual.

The Maryland Insurance Administration (MIA) proposed Bulletin 24-2 to amend revisions to Bulletin 23-16 regarding changes to the Code of Maryland Regulations concerning title insurance reviews after receiving comments on the original. The MIA posted the revised bulletin for comments.

New York State Department of Financial Services Superintendent Adrienne Harris issued for public comment a proposed circular letter addressing the use of artificial intelligence by licensed insurers.

The Oklahoma Legislature introduced legislation relating to the Nontestamentary Transfer of Property Act. The bill would require a certain option be offered to buyers of interest in real property and require a designation of grantee beneficiary in accordance with certain requirements.

FundingShield’s fourth quarter fraud analytics showed wire and title fraud reached all-time highs in that quarter, with 51.8 percent of loans having at least one risk issue.

After the first mortgage on property went into foreclosure, the holder of a second mortgage took out a title policy. The title insurer defended the second mortgage holder and entered into a settlement with the first mortgage holder. It then filed suit against the mortgagor for breach of contract and common-law indemnification.

The New Jersey Legislature has introduced a bill that would require premium payment made to a municipality by the purchaser of a tax lien to be paid to the property owner under certain circumstances.

The Georgia General Assembly introduced legislation that would allow clerks of superior court to require identification for the recording of deeds and other instruments.

The Rhode Island General Assembly has introduced legislation that would require radon testing within one year of any residential real estate transaction as well as designate who would pay for tests and any radon mitigation system if unsafe radon levels are present.

The Wisconsin Office of the Commissioner of Insurance appointed a new deputy commissioner.

The Utah legislature is considering a bill that would, among other things, address the allowable amount of a rate or charge used by a title insurer; institute new capital and net worth requirements for title producers; and remove the requirement that an individual title producer file an annual report with the commissioner.

The seller of property in Vancouver, Wash., sued the escrow agent that conducted the sale of the property for failing to pay off a second mortgage on his former residence.

The Financial Crimes Enforcement Network’s latest financial trend analysis indicated that 42 percent of Bank Secrecy Act reports filed in one calendar year involved identity-related suspicious activity.

An Essex County, N.J., man was sentenced for conspiring to commit mortgage fraud.