Legislative Developments

The North Carolina General Assembly is considering a bill that would regulate the solicitation of a fee in exchange for copies of recorded documents, as well as make corrections and amendments to various statutes impacting real property ownership. Read on for more details.

Seventeen trade organizations, including the American Land Title Association, Mortgage Bankers Association, National Association of Realtors and the Real Estate Services Providers Council Inc., wrote to Rep. Sean Duffy and Rep. Ed Perlmutter, offering their support for the Give Useful Information to Define Effective Compliance Act (GUIDE Act), H.R. 5534. Read on for more details.

The North Carolina General Assembly is considering a bill that would make changes to the deposit requirements and statutory premium reserve requirements title insurers in the state need to meet. Read on for more details.

On June 6, The House Financial Institutions and Consumer Credit Subcommittee held a hearing to examine recommendations from Consumer Financial Protection Bureau acting director Mick Mulvaney that Congress enact four changes to establish transparency and accountability at the bureau. American Land Title President Steven Day was invited to testify during the hearing. Read on for more details.

The Illinois General Assembly is considering a bill that would amend the state’s law regarding foreclosure proceedings, as well as who holds title of disputed property after foreclosure. Read on for more details.

Both houses of the Illinois General Assembly passed a bill that would amend the state’s Title Insurance Act to require the title insurance company that issues the owner’s title policy to issue the lender’s title policy unless the buyer and seller agree otherwise. The bill now goes to the governor. Read on for more details.

On May 24, President Donald Trump signed into law S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, which provides, among other things: exemptions to mortgage lending rules; regulatory relief for community banks, bank holding companies and securities; consumer protections for veterans and certain homeowners; and protections for student loan borrowers. Read on for more details.

Oklahoma Gov. Mary Fallin signed into law a bill that requires title insurers to complete certain documents and require the Oklahoma Insurance Department to maintain certain contact information. Read on for more details.

The New York State Assembly is considering a bill that would prevent social services districts from requiring public assistance recipients to execute a mortgage in favor of the county in the amount of public assistance received as a condition for eligibility for public assistance. Read on for more details.

The Council of the District of Columbia has introduced legislation that would amend the Tenant Opportunity to Purchase Act of 1980 to no longer exempt bankruptcy sales of housing accommodation from transfers subject to the act. The proposed amendment also would require owners of rental housing accommodation that the owner acquired pursuant to a court-ordered sale to give tenants the opportunity to purchase the property. Read on to learn why the D.C. Land Title Association opposes the measure.