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.

The Financial Crimes Enforcement Network has extended its Geographical Targeting Order to July 2017.

You can read the announcement here: 

https://www.fincen.gov/news/news-releases/fincen-renews-real-estate-geographic-targeting-orders-identify-high-end-cash

You can find a sample Form 8300 on this web site in the Government Regulations File Library:

http://nyslta.site-ym.com/?page=FilesandDocs

Yesterday, February 1, Governor Cuomo signed a bill (A374 / S979) that reset the expiration date of a portion of the IDA mortgage tax exemption to June 30, 2017.  As you may recall, the bill removing a portion of the mortgage tax exemption initially went into effect for mortgages recorded on and after September 30, 2017, as a result of the bill signed yesterday IDA’s will be entitled to a full mortgage tax exemption until June 30, 2017.  

Under the new law, EFFECTIVE for mortgages recorded on and after JULY 1, 2017 a mortgage of real property executed, given, made, transferred, or assigned by or to an IDA, an agent of an IDA, or an entity receiving financial assistance from an IDA, is not exempt from the additional mortgage recording tax imposed by Tax Law section 253(2) when the real property that is subject to the mortgage is located in a county that is part of a transportation district. For further information below is a link to a memo from the New York State Department of Taxation and Finance issued in November: .

https://www.tax.ny.gov/pdf/memos/mortgage/m16_1r.pdf

We anticipate a new memo from the Department of Taxation and Finance changing the effective date to July 1, 2017 and with instructions for applying for a refund for mortgages recorded between September 30, 2016 and February 1, 2017 where the full exemption was not permitted. We will post that as soon as possible.

To be clear, the FULL IDA Mortgage Tax exemption is in effect as of February 2, 2017 and will expire on June 30, 2017.

[Thanks to Jean Partridge and Matt Cahill for their assistance with this]

 

New York State Land Title Association’s Charitable Works Committee recently held its 3^rd annual auction, which raised $37,960 for HorseAbility, a center for equine-facilitated therapy for people with special needs. HorseAbility serves more than 825 families a year.

“Each year the Charitable Works Committee selects a New York state charity that exemplifies our values and is an organization we can rally behind and make a considerable difference,” said Kathy Roper, Charitable Works Committee chairwoman and director of operations for AIS/Data Trace. “HorseAbility was a perfect fit because it touched all of the populations committee members hoped to provide for. Located at SUNY Old Westbury, it has programs for children and adults with special needs, seniors, and also assists military veterans through its HorseAbility for Heroes program.”

The proceeds raised by the committee will go toward the HorseAbility Scholarship Fund for therapy lessons and for refurbishing their large outdoor ring and two horse stalls.  The auction took place during NYSLTA’s annual conference, which was held in Montauk.

From left: New York State Land Title Association (NYSLTA) Charitable Works Committee members Lorraine Malone, Rina Barbaccia, Nancy Piccirillo, John Piccirillo, HorseAbility Founder Katie McGowan, Committee Chairwoman Kathy Roper, and Committee Vice Chairwoman Monica Malagon.  The group was photographed at NYSLTA’s recent auction, which raised $37,960 for HorseAbility, a center for equine-facilitated therapy for people with special needs. The proceeds go toward the HorseAbility Scholarship Fund for therapy lessons and for refurbishing their large outdoor ring and two horse stalls.

HorseAbility is located at SUNY Old Westbury. It has programs for children and adults with special needs, seniors, and it assists military veterans through its HorseAbility for Heroes program.

On November 14, 2016 I signed and sent a letter to DFS Deputy Superintendent Cassandra Lentchner.

In September, the DFS issued a proposed regulation for all "covered entities" under DFS purview, which includes all underwriters and licensed title agents. The regulation, designed for the enormous global financial institutions regulated by DFS, imposed drastic changes to security procedures, compliance, business operations, reporting and company governance.

The general assessment is this regulation is a positive development for both consumer and financial services protection. The specifics of the regulation proved in some instances to be overly burdensome and ill suited for the kind of business title companies conduct.

The letter was the result of more than a month of work by a specially appointed joint working group of volunteers drawn from the Government Regulations Committee and the Technology Committee.  This project was headed by Jean Partridge, who also was the primary author of the document. She was advised and supported by Bill Collins, Victor Pajonas, Chris Davis and Vincent Danzi.

The letter is attached to this blog post and it resides in the Government Regulations File Library, on this web site [RESOURCES>DOCUMENT & FILE LIBRARIES].

The joint working group worked cooperatively with counterparts at FNTG, Old Republic, Stewart Title, First American, and ALTA. There was cross-industry collaboration with trade associations representing property & casualty agents in NY and DC- based financial institution trade associations. As always, our Albany lobbyists, Scott Wexler and Kate Corkery provided advice and perspective.

For a regulation that has the potential for profound impact on title agents - and by profound I mean expensive - the awareness and engagement from the membership was imperceptible.I announced this regulation and posted the proposed in an email blast.  I provided an email address for comments. One member commented. NYSLTA is fortunate to have such skilled and dedicated members, such as the handful of people who produced this letter.

This Association will continue to seek engagement with DFS on your behalf. The challenges ahead are countless. Your contribution of time and your expertise are much needed and always welcome.

RGT