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.

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)

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.

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:

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.

The Executive Committee meets Tuesday February 14 at 10:30 AM at First Nationwide Tittle Agency.

Please visit the EVENTS page to register if you wish to attend. You will also find the address and map instructions on that page.

AGENDA
1.    Call to order – President Collins
2.    President’s Greeting – President Collins
3.    Approval of January Minutes - Executive Director Treuber
4.    Exec Director Report – Executive Director Treuber
5.    Treasurer Report – Ms. Pereyo
6.    Title Section Report – Chair Bagwell
7.    Agent Section Report – Chair Giliotti
8.    Land Records Committee – Chair Tafuri
9.    Legislative Committee Report – Chair Keyse
10.  Membership Committee Report – Chair O’Hara
11.  Public Relations Committee Report – President Collins
12.  New Business
13.  Adjourn

The eleven voting members of the Agents and Abstracters Section will be:
Bill Collins    Richard Giliotti    DeAnna Stancanelli    Amy Kelly
Phil O’Hara    Paul Spano    Jean Partridge    Nancy Farrell
John Burke    Beth Alonso    Terence Guerriere    

The next Executive Committee Meeting will be held at 10:30 am on March 14, 2017. Location to be announced.