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Licensing of title insurance agents becomes a reality in N.Y.
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Legislative Developments
Friday, April 11, 2014
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Insurance professionals providing title policies in New York joined those in 47 other states that require a license as the result of a provision included in the state’s 2014-15 budget signed by Gov. Andrew Cuomo on April 1.
Representatives of the New York State Land Title Association (NYSLTA) worked closely with state officials to reach consensus on this important bill. In recent weeks, NYSLTA provided direct feedback that would protect buyers from unscrupulous practices, create greater transparency, establish a more robust regulatory structure and avoid unintended consequences that can occur in the absence of knowledgeable and experienced title professionals. The legislation’s major provisions are designed to ensure heightened consumer protections and define industry standards.
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