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  Workaround begins for Baltimore real estate transactionsMonday, May 20, 2019 Real estate transactions in Baltimore, which had come to a halt after the city’s systems were hit by ransomware on May 7, were set to begin again on May 20, thanks to a manual workaround developed by the city. Mayor Bernard C. “Jack” Young announced the workaround, as well as a general update on Baltimore’s technology outage. Read on for more details. |
 FinCEN renews GTOsMonday, May 20, 2019 The Financial Crimes Enforcement Network (FinCEN) announced the renewal of its 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. |
 House committee passes AML bill with GTO amendment Monday, May 20, 2019 The House Financial Services Committee passed HR 2514, the Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act (COUNTER Act), bipartisan legislation that closes loopholes in the Bank Secrecy Act, increases penalties for those who break the law, and helps provide financial institutions with new tools to fulfill their obligations under the law. The bill includes a provision to expand the Financial Crimes Enforcement Network’s real estate geographic targeting orders to include commercial real estate. Read on for more information and to see how that provision was amended. |
Illinois Mortgage Act amendments pass General AssemblyMonday, May 20, 2019 A bill to amend the Illinois Mortgage Act to add “a person authorized by the mortgagor, grantor, heir, legal representative or assign” to the list of those who may request that the mortgagee of real property make, execute and deliver an instrument in writing releasing a mortgage or deed of trust, as well as other amendments passed both houses of the Illinois General Assembly. The bill now awaits the governor’s signature. Read on for more details.
Georgia insurance commissioner suspended Monday, May 20, 2019 Days after being indicted on charges of wire fraud, mail fraud and money laundering, Georgia Insurance Commissioner Jim Beck requested suspension from the department. Gov. Brian Kemp signed an executive order suspending Beck that day. Read on for more details.
 Baltimore ransomware attack impacts recordings, closings Wednesday, May 15, 2019 The City of Baltimore experienced a ransomware attack May 7, with systems expected to remain down for at least another week. This has caused havoc in the liens office and caused underwriters to prohibit agents from issuing title policies, suspending closings on city property. Read on for more details.
 Title insurer seeks recovery in identity theft caseWednesday, May 15, 2019 A title insurer filed suit against gold coin retailers that sold gold coins to identity thieves who had obtained a $2 million refinance loan on real property. The title insurer was seeking to recover the loan proceeds after paying out the lender’s title insurance claim. Read on for more details.
 Montana tax deed bill becomes law Wednesday, May 15, 2019 Montana Gov. Steve Bullock signed legislation to revise the tax lien and tax deed laws in the state. The new law revises the tax lien and tax deed process for residential, agricultural and forest property with a dwelling. Read on for more details.
Alabama considers satisfaction of judgment legislation Wednesday, May 15, 2019 The Alabama Legislature is considering a bill that would require a judgment creditor to file an acknowledgment of satisfaction of a money judgment with the court when a money judgment has been satisfied. It also would provide a procedure for the judgment debtor to demand that the judgment creditor file the acknowledgment of satisfaction after the creditor’s judgment has been satisfied. Read on for more details.
Georgia Insurance Commissioner charged with $2 million fraud Wednesday, May 15, 2019 Georgia Insurance Commissioner Jim C. Beck has been indicted by a federal grand jury on charges of wire fraud, mail fraud and money laundering. The 38-count indictment alleges that Beck stole more than $2 million from his former employer, the Georgia Underwriting Association, during the five years just prior to Beck’s election to statewide office in November 2018. Read on for more details.
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