Industry News

With reports of major companies’ abuse of personal information coming out constantly, and new laws emerging around the world and in various states, it’s important for those involved in the land records and real estate transfer industries to understand how these issues could impact how they operate. During the Property Records Industry Association’s Winter Symposium in Greenville, S.C. on Feb. 28, industry experts shared about land records history with data privacy, the potential impact of current laws on the books and the possible future of data privacy.

Missouri Republican Senator Josh Hawley wrote a letter to Joseph Simons, chairman of the Federal Trade Commission (FTC), urging the FTC to do more to protect consumers’ data privacy and inform Congress of any gaps in its authority. Read on for more details.

Just weeks after leaving office, former New York State Department of Financial Services (NYSDFS) superintendent Maria Vullo wrote an op-ed in Crain’s New York Business, saying a bill being considered in the New York State Assembly essentially would legalize bribery by New York title insurers. Assembly member Kevin Cahill, chairman of the Assembly Standing Committee on Insurance, wrote a letter to the editor of Crain’s New York Business, calling Vullo’s attach out of line and promising the legislators have homebuyers’ interest in mind. Read on for more from these dueling op-eds.

Connecticut Gov. Ned Lamont announced that he is nominating a seasoned professional with extensive insurance, regulatory, media, government and community relations experience as the next commissioner of the Connecticut Insurance Department.

MISMO, the mortgage industry’s standards organization, announced that new standards for remote online notarizations (RON) have been released for a 60-dayday public comment period. Read on for more details.

A new report, The 2019 Compliance Landscape Report, issued by Edgile, shows that in 2018, at least 35 states considered more than 265 cybersecurity related bills, 50 of which became law. The report stated that many companies are not prepared for the rapidly changing regulatory environment. Read on for more details.

Title agents who are looking to find new lines of business or customers can leverage 1031 exchanges to grow investor and commercial work. In a presentation before RESPRO members in the fall, 1031 Corp. President Margo McDonnell talked about the basics of 1031 exchanges, but discussed in particular how the process could benefit title and closing agents.

The American Land Title Association announced that its board of governors approved a recommendation to revise ALTA’s closing protection letters and new endorsements this fall. Industry members are posted for industry comment until Nov. 30. Read on for more about the new forms.

The Financial Crimes Enforcement Network on Nov. 15 announced the issuance of revised Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.

Twenty-two industry associations wrote to Senate leadership, as well as the Senate Banking Committee, supporting the nomination of Kathy Kraninger as the director of the Consumer Financial Protection Bureau and urging the Senate to confirm her nomination. Read on for more details.