COMMENTS AND PARTICIPATION WANTED
As reported in the November Liaison Minutes there are two issues that working Committees are being formed. The issues affect members differently based on the market size and geographic location of members. The Board sees comments from all members and Committees comprised of members representing all market sizes and geographic locations. The issues reported in the November Liaison Minutes are:
1. Closings done in Counties different than where the property is located – Jim Scanlon from the Department of Insurance advised that from his northern Idaho trip an issue regarding escrow fees and CPL’s came up. The scenario regards title only orders where the escrow is retained by the referring outfit (in state i.e. from Boise or out of state). Out of state escrow companies are regulated by the Department of Finance. If in state, there is a question whether the escrow should be charged where the land is located or where the escrow is closed. Consumer issues have developed where the escrow is closed in a County where the property is not located and the escrow fee is greater than if closed in the County where the property is located. The scenario that has come to light is not where the matter is closed out of County for convenience or at the direction of the consumer but where the referring entity is retaining the escrow to generate escrow income. In these cases it appears that the consumer is not given notice or choice in the matter and could be paying more for service they could obtain locally in the County where the property is located. An additional issue this scenario creates is possible invalid CPL’s. A Committee is being formed to review this matter that will include Jim and a Department of Finance contact. Input and participation from Counties that are impacted/concerned with this scenario are encouraged to submit comments and/or volunteer to be a part of the Committee. Please contact myself or a Board member if you have interest and please submit your comments so that your voice is heard.
2. Rule 56 Updates – In prior Liaison Minutes we have discussed possible review of Rule 56 updates. Possible areas of discussion include trade association donations, marketing allowances, educational functions and technology advances. These issues affect members differently. Your Board wants all voices heard. If you have comments on these issues please submit your comments. You are also encouraged to volunteer to work on the Committee reviewing these issues. Please contact myself or a Board member if you can participate on the Committee.