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Formal Comments on DFS' Proposed Regulations

Posted By Robert Treuber, Monday, June 19, 2017
Updated: Monday, June 19, 2017

On Monday, June 16, 2017 the NYSLTA submitted formal comments to the NY Department of Financial Services via email.

 

The letters are attached to this blog post.

 

The content of the letters was approved by the Executive Committee.

 

The effort to product these comment letters was a led by the Government Regulations Committee with support from the Officers.

 

 

Download File (PDF)

 Attached Files:

Tags:  DFS  EC  Executive Committee  Reg 206  Reg 208  Regulations 

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June Executive Committee Meeting Agenda

Posted By Robert Treuber, Monday, June 12, 2017
Updated: Monday, June 12, 2017

EXECUTIVE COMMITTEE MEETING
New York State Land Title Association
First Nationwide Title Agency
50 Charles Lindbergh Boulevard
Uniondale, NY 11553
June 13, 2017
10:30 AM


AGENDA
1.    Call to order – President Collins
2.    President’s Greeting – President Collins
3.    Approval of May Minutes - Executive Director Treuber
4.    Exec Director Report – Executive Director Treuber
5.    Nomination of Officers for the 2017-2018 Membership Year – Executive Director Treuber
a.    The Executive Committee will take nominations for President-elect and Treasurer
6.    Treasurer Report – Ms. Pereyo
7.    Title Section Report – Chair Bagwell
8.    Agent Section Report – Chair Giliotti
9.    Government Regulations Committee Report – President Collins
a.    Update on the progress of the response to proposed regulations
b.    Time frame to completion
c.    War gaming/scenario planning for outcomes
d.    Options for Litigation – Legislation
e.    Next steps – phone vote, July EC meeting
10.    Adjourn

Tags:  DFS  EC  Executive Committee  Regulations 

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1 of these 3 may change how you make a living

Posted By Robert Treuber, Tuesday, May 23, 2017
Updated: Tuesday, May 23, 2017

[This is a revised version of a broadly distributed email sent on May 22, 2017]

 

 

Will you stand?

Will you speak?

Will you act?

The proposed DFS regulations have the potential to turn the title industry upside down.  But together, we can do something about it.

Scroll down to see what the NYSLTA is doing to provide you with the tools and opportunities that will keep the people and companies in the title insurance business a vital part of the real estate finance economy in New York State.

Ring the alarm. Put out the fire.

It is not enough to complain and bring grievances to light. No one knows title insurance better than we do and every time we talk about the problems in these regulations, we will be asked, "What do you want to do about it?"

A vigorous discussion is going on the title industry and the Association is working on releasing a statement that meets the needs of underwriters, agents, abstractrers, attorneys, closers and consumers.

Get off your seat.

We are asking our Members to take the lead and we invite all title professionals to join us in taking action.

First - Sign up for lobby day.  The linked page will explain about meeting in your legislators' local office, how we will schedule the meeting for you and prepare you with Talking Points.  This is super important.

And if are not a member of the Title Action Network (TAN) you should sign up today.

Next - If you can possibly make it, attend the Town Hall meeting on Long Island at 10 AM on June 7. This event is free to everyone but we ask that you pre-register.  We are also planning a live webcast Town Hall later in June.

Best - Attend the annul meeting and convention in Syracuse August 20-23. We have more that unites us than opposition to wrong-headed regulations.  Meet with your peers, build your network and learn how to make your business stronger.

Tags:  Convention  DFS  lobbying  Long Island  Reg 206  Reg 208  Regulations  Town Hall 

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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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 Attached Files:

Tags:  DFS  Reg 206  Reg 208 

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May 9 Executive Committee Meeting Agenda

Posted By Robert Treuber, Friday, May 5, 2017
Updated: Friday, May 5, 2017

AGENDA

  1. Call to order – President Collins
  2. President’s Greeting – President Collins
  3. Approval of April Minutes - Executive Director Treuber
  4. Exec Director Report – Executive Director Treuber
  5. Treasurer Report – Ms. Pereyo
  6. Government Regulations Committee Report – Chair Partridge
    Report on review of proposed DFS regulations 206 & 208

    Discussion of strategic directions

    Next steps
  7. Title Section Report – Chair Bagwell
  8. Agent Section Report – Chair Giliotti
  9. Education Committee – Chair Labar
  10. Legislative Committee Report – Chair Keyse
  11. Membership Committee Report – Chair O’Hara
  12. Public Relations Committee Report – President Collins
  13. New Business
  14. Adjourn

  

The next Executive Committee Meeting will be held at 10:30 am on June 13, 2017 at First Nationwide Title Agency, 50 Charles Lindbergh Blvd. Uniondale, NY 11553

Tags:  Executive Committee 

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Cyber Reg Limited Exemption Filing

Posted By Robert Treuber, Tuesday, April 18, 2017
Updated: Tuesday, April 18, 2017

 

The DFS Secure Portal is now accepting the filing of Notice of Limited Exemption, as cited in § 500.19 of 23 NYCRR 500.

 

Here is a link to the Portal - https://myportal.dfs.ny.gov/web/cybersecurity/

 

COMPLIANCE TIMELINE

FOR COVERED ENTITIES WHO MEET THE LIMITED EXEMPTION REQUIREMENTS (§ 500.22)

 

March 1, 2017 - Effective Date of Regulations

August 28, 2017 - Transitional Period ends – compliance requirement begins for most provisions of the regulation (§500.22)

February 15, 2018 - Notice of exception must be  filed with the DFS (and each year thereafter on 2/15) (§500.17)

March 1, 2018 – Risk Assessment to be completed (§ 500.09)

August 30, 2018 – Policy must be in place for periodic disposal of NPI (§ 500.13)


March 1, 2019 - Develop a Third Party Service Provider Security Policy (§500.11)

Tags:  cybersecurity  DFS 

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April 11 Excecutive Committee Agenda

Posted By Robert Treuber, Friday, April 7, 2017

 

The Executive Committee meets at 10:30 AM Tuesday, April 11 at Benchmark Title, 222 Bloomingdale Road.

Immediately following the EC, there is an important Agents Section meeting.

We will experiment with presenting this meeting via the internet using Go-To-Meeting.  Instructions to log on, including the URL and the teleconference number on on this page
https://nyslta.site-ym.com/events/EventDetails.aspx?id=946149&group=


EXECUTIVE COMMITTEE MEETING

New York State Land Title Association

Benchmark Title Agency

222 Bloomingdale Road

White Plains, NY

April 11, 2017

10:30 AM

 

You can hear and speak using your computer microphone and speakers or you can also dial in using your phone. Call: (571) 317-3112   Access Code: 410-940-973

 

AGENDA

  1. Call to Order – President Collins
  2. President’s Greeting – President Collins
  3. Approval of February 2017 Minutes - Executive Director Treuber
  4. Exec Director Report – Executive Director Treuber
  5. Treasurer’s Report – Ms. Pereyo
  6. Title Section Report – Chair Bagwell
  7. Agent Section Report – Chair Giliotti
  8. Legislative Committee Report – Chair Keyse
  9. Membership Committee Report – Chair O’Hara
  10. Public Relations Committee Report – President Collins
  11. Sabol Award Nominations Committee Report – Ms. Pereyo and Ms. McElligott
  12. New Business
  13. Adjourn

 

The next Executive Committee Meeting will be held at 10:30 am on May 9, 2017


Executive Director Report

 

New Members

Company

First Name

Last Name

County

Assured Title Agency LLC

Shandel

Strasberg

Rockland

Heights Abstract Ltd.

Christopher

Merone

Kings

Pinnacle Land Services, LLC

Paul

Wong

New York

Professional Land Services LLC

H.

Adelman

Richmond

Superior Research LLC

Millie

Wood

Saratoga

Title Help Agency LLC

Manpreet

Bhasin

Nassau

 

The March Executive Committee meeting was cancelled due to a snowstorm.

 

We issued seven email blasts in February, averaging an email blast every four days.

 

In February, the Government Regulations Committee issued a memo on the cybersecurity regulation (23 NYCRR 500), which is posted in the Government Regulation File Library. We also issued alerts on the IDA Mortgage Tax refund, ACRIS refunds, the Agent Data Call webinar, the extension of the FinCEN GTO, the agent license renewal period and the upcoming Town Hall meetings.

 

Our web analytics company, Web Solutions, has been working with NYSLTA Staff to place tracking code on our sites. Initial conclusions are positive and are favorable for the objective of making nysslta.org an informational hub for title insurance and as a channel for feeding traffic to member web sites.  The analysis includes the member site and the online directory. Members who are interested may contact me to request further information from the web audit.

 

The Town Hall scheduled for March 15 in Westbury was cancelled due to the March snowstorm. It has been rescheduled for April 26. The April 5 Town Hall was held at the Tarrytown Doubletree Hilton and the May 10 Town Hall will be at the Doubletree Hilton in Rochester.

 

There is a CE webinar scheduled for April 19, the topic is Sales Tax.

 

Agent Section Report

·         Wells Fargo update

·         Town Hall meetings

·         Bar Assoc. meetings  

·         FinCEN  

·         ECB Subpoenas  

·         Agent Licensing

·         IDA update

·         PAC

 

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Long Island Town Hall Rescheduled

Posted By Robert Treuber, Monday, March 20, 2017
Updated: Monday, March 20, 2017

The Town Hall meeting on Long Island that was cancelled due to a snow storm has been rescheduled.

 

The event will take place at 10 AM on Wednesday April 26 at the Holiday Inn in Westbury.

 

To register for this free event, go to the CALENDAR & EVENTS tab on this site or CLICK HERE.

 

 

 

 

Tags:  Long Island  Nassau County  Town Hall 

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EVENTS CANCELLED

Posted By Robert Treuber, Monday, March 13, 2017
Updated: Monday, March 13, 2017

 

ALL NYSLTA EVENTS FOR MARCH 14 AND 15 ARE CANCELLED DUE TO FORECAST WEATHER CONDITIONS.

 

There will be NO Executive Committee meeting on Tuesday March 14.

 

The Long Island Town Hall on March 15 will be rescheduled.

 

 

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Agenda - March Executive Committee meeting

Posted By Robert Treuber, Friday, March 10, 2017
Updated: Friday, March 10, 2017

 

EXECUTIVE COMMITTEE MEETING

New York State Land Title Association

NYSLTA

65 Broadway, Suite 501

New York, NY 10006

March 14, 2017

10:30 AM

 

NOTE – This meeting will be webcast. Remote attendees should connect via computer, tablet or smartphone using the link  https://global.gotomeeting.com/join/410940973

 

You can hear and speak using your computer microphone and speakers or you can also dial in using your phone. Call: (571) 317-3112   Access Code: 410-940-973

 

AGENDA

  1. Call to Order – President Collins
  2. President’s Greeting – President Collins
  3. Approval of February 2017 Minutes - Executive Director Treuber

4.      Exec Director Report – Executive Director Treuber

  1. Treasurer’s Report – Ms. Pereyo
  2. Title Section Report – Chair Bagwell
  3. Agent Section Report – Vice-chair Stancanelli
  4. Legislative Committee Report – Chair Keyse
  5. Membership Committee Report – Chair O’Hara
  6. Public Relations Committee Report – President Collins
  7. Sabol Award Nominations Committee Report – Ms. Pereyo and Ms. McElligott
  8. New Business
  9. Adjourn

 

The voting members of the Agents and Abstracters Section will be:

Bill Collins

Elizabeth Alonso

Paul Spano

 

Bob Picone

Mark D'Addona

Terence Guerriere

 

DeAnna Stancanelli

Nancy Farrell

Tommy Tafuri

 

 

The next Executive Committee Meeting will be held at 10:30 am on April 11, 2017 at Benchmark Title, 222 Bloomingdale Road, White Plains NY.

 

Tags:  EC  Executive Committee 

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