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A Hard look at DFS regs 206 & 208

Posted By Robert Treuber, Wednesday, May 17, 2017
Updated: Wednesday, May 17, 2017

A Message to NYSLTA Members and all NY State Title Insurance Professionals

Two weeks ago, the NYS Department of Financial Services (DFS) introduced two new proposed regulations covering our industry.

This letter is a report on what your Association has done to date and our planned next steps.

We are analyzing the regulations for their impact on the title industry and the real estate marketplace.

We have created an action plan and a time line for our response.

The proposed regulations would affect almost every aspect of the business of title insurance, from when you first market to a client to when you close a file and remit the premium

    Requires underwriters to take an immediate 5% rate reduction on all polices or instead restate their data for the preceding six years

    Limits charges for ancillary services

    Prohibits all marketing and advertising activities including, but not limited to CLE’s, sporting events, meals and even giving away a ballpoint pen

    Eases regulation of joint ventures and controlled businesses, much less strictly than RESPA

    Changes significantly the compensation of closers, including elimination of “pick-ups” and gratuities

    Changes the closing process and the accounting/remitting processes in both Zone1 and Zone2

We strongly encourage you to click on the links below and thoroughly read the regulations for yourself.

The Officers, the Executive Committee, the Government Regulations Committee, Association Staff, our lobbyists and our communication firm are focused on the challenges posed by the regulations.

We have until June 19 to submit comments to the DFS. We recommend that you study the regulations and determine how they will affect your business.

There is an important role for the Members and your voices are needed to accomplish our goals.

We are developing ways for you to express your opinions so as to have the most impact. Stay in contact with the Association and spread the word to your staff, your clients and other real estate professionals.

By misunderstanding how the title insurance industry operates, the DFS has proposed regulations that will not serve the consumer but will impede the real estate marketplace and inflict irreplaceable damage to the livelihood of thousands of people.

A very great deal is at stake here.

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Tags:  DFS  Reg 206  Reg 208 

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