[Note - Cott systems provides land recordation services in 17 states, including several NY counties]

(PLEASE NOTE ATTACHED FILES )

Through a change in NY Tax Law 1449-BB and changes to Town code in the towns that make up the Peconic Bay Region, we will see two changes to the way the CPF tax is calculated this year.

January 1, 2023

For Conveyances occurring on or after January 1, 2023 the exemptions amounts have changed in two ways, as detailed in the chart below

1. The allowance or exemption for Improved properties has been increased in East Hampton, Shelter Island, Southampton, and Southold.  Riverhead remains the same.  The allowance or exemption for Unimproved properties remains the same in all five towns.
2. For Conveyances in East Hampton, Shelter Island, and Southampton a new exemption cap has been implemented.  For these three towns, no exemption is to be applied to transfers greater than or equal to $2,000,000.

A copy of the new Peconic Bay Region Community Preservation Fund form is attached for conveyances occurring on or after 1/1/2023.

April 1, 2023

For Conveyances occurring on or after April 1, 2023 the tax rate has been increased from 2.0% to 2.5% in East Hampton, Shelter Island, Southampton, and Southold. This is the implementation of the ½ percent Community Housing Fund (CHF) adopted by local referendum in November.

An updated form is not yet available and will be circulated once published.

https://financialregnews.com/reps-luetkemeyer-sherman-express-concerns-regarding-title-insurance-alternatives/

U.S. Reps. Blaine Luetkemeyer (R-MO) and Brad Sherman (D-CA) recently forwarded correspondence to the Federal Housing Finance Agency (FHFA) Director Sandra Thompson, noting concerns regarding the potentially harmful impact of title insurance alternatives.

“The plans aim to lower closing costs and make homeownership more accessible for low- to moderate-income and minority homebuyers,” the legislators wrote. “However, these initiatives appear to risk exposing these consumers to harm by not providing the same consumer protections as title insurance. They also raise concerns about the safety and soundness of the Enterprises (Fannie Mae and Freddie Mac), increase taxpayer risk which FHFA must consider as the GSEs’ (government-sponsored enterprises) regulator and conservator.”

Luetkemeyer, top Republican on the Subcommittee on Consumer Protection and Financial Institutions, and Sherman (D-CA), top Democrat on the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, said the plans position low and moderate-income and minority borrowers at risk of going uninsured against average home buyer common title defects.

“As a result, the attorney opinions imperil the ability of these consumers to be compensated for title issues,” the legislators concluded. “Attorney opinions increase the likelihood these precarious homeowners lose their house and lose the ability to build wealth. The differences between attorney title opinions and title insurance can be confusing to policymakers, mortgage lenders, and legal practitioners. We expect FHFA to address these concerns in a timely manner, prior to approving the expansion of any Enterprise closing cost pilot, in order to give Congress the opportunity to engage further on this important matter.”

EXECUTIVE COMMITTEE MEETING
New York State Land Title Association
Via ZOOM
December 13, 2022
10:30 AM

AGENDA
1. Call to order – President Swarthout

2. President’s Greeting – President Swarthout

3. Approval of November Minutes - Executive Director Treuber

4. Exec Director Report – Executive Director Treuber
a. Approval of the FY 2023 Budget
b. Approval of the Mercury contract
c. Approval of the Wall of Honor Proposal

5. Treasurer’s Report – Mr. D’Addona

6. Title Section Report – Chair Schwartzman

7. Agent Section Report – Chair Giliotti
a. Getting close to no more Rin and RON rules
b. Health Care Liens- Where do we stand?
c. Suffolk time frames
d. Suffolk add 'l taxes
e. Where do we stand with new by law changes
f. Writing a letter to the Department of Taxation about late fees in Suffolk
g. PAC update on how our candidates did.

8. Greenberg-Traurig Presentation
“DFS Organization Chart” – Ms. Evangelista & Mr. Murphy

9. Advocacy Committee – Chairs Stancanelli and Pereyo
a. DFS meeting in 2023

10. Government Regulations Committee Report – Chair Cahill
a. Comments on DFS amendment to cyber regulation 500

11. Technology Committee Report – Chair Zankel

12. Career Development Committee Report – Chair Canino

13. Charitable Works Committee Report – Chair Roper

14. DEI Committee Report – Mr. Collins

15. Title Tidbit – Ms. Garelli
Not-for-Profit corporations’ disposition of assets and the approvals required.

16. New Business

17. Adjourn

Following adjournment there will be a special Executive Session
Executive Committee Members Only

From: SCCO Alerts
Sent: Thursday, September 29, 2022 4:56 PM
Subject: UPDATE
 

Over the last several days we have been working hard to bring back the applications used to perform title searches. Our IT staff, along with the County IT staff, have worked around the clock to get us to the point where can open our office for searching Monday at 8:00 a.m.


We will have roughly 120 terminals available throughout the Clerk’s Office for searches to be conducted. At this point we believe all of the programs you are accustom to using will be available. There are still some issues we are working out through testing which we hope to resolve over time. There are currently two printers available and we are working towards bring additional ones online.

What to expect.

Please expect the system to be slower than you may be accustom to. We know this to be an issue and are working in the background to alleviate the issue over time. 

While we believe there will we sufficient work stations available, in the event there is not, we ask that you be respectful and allow others access when you know the terminal will not be used for a period of time. We understand the demands being placed on you and the amount of work that has accumulate over the last two weeks. It is important we all work together. 

The building will be open near normal business hours to start as we assess our computer equipment capacity and provide necessary maintenance. It is our goal to increase business hours once we confirm the computer environment can handle the increased volume of use. 

Your cards will be required to print and you may add funds to them by filling out the attached form and leaving it with the Public Access counter staff. We will add the funds to your cards throughout the day starting Friday so they will be available for use Monday morning. Payments need to be made by check and we can add funds to only one card per check (in the short term). This form will also be available at the counter by the printers.

As for recordings and other related filings, our staff will be working towards getting our systems up to once again provide those services. I do not have any timeframe that can be provided but please be assured we are working as hard and fast as possible to get those functions up and running soon. We will provide further details as we progress.

We appreciate your patience as we work through this difficult and unprecedented situation. We are sure by working collectively and with respect for one another we will get through this period and return to “normal” in due course.