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Senators introduce bill to keep CFPB out of state insurance regulation
Posted Date: Monday, January 22, 2024
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.
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Lender sues after title insurer’s refusal to defend against fraud allegations
Posted Date: Wednesday, December 13, 2023
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.
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FinCEN updates FAQs on reporting companies, requirements, exemptions
Posted Date: Wednesday, January 17, 2024
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.
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Maryland Insurance Administration proposes amended title review bulletin
Posted Date: Monday, January 15, 2024
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.
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NYSDFS proposes AI guidance
Posted Date: Monday, January 22, 2024
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.
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Oklahoma may amend the Nontestamentary Transfer of Property Act
Posted Date: Monday, January 22, 2024
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.
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Title insurer sues mortgagor for breach of contract
Posted Date: Wednesday, January 17, 2024
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.
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New Jersey considers tax lien payment statute
Posted Date: Wednesday, January 17, 2024
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.
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Rhode Island considers radon testing requirement
Posted Date: Wednesday, January 17, 2024
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.
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Utah considers title amendments
Posted Date: Monday, January 15, 2024
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.
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