The Liaison Committee met Thursday April 9, 2015 at Alliance Title Parkcenter. Some of the issues discussed were:
- Jim Scanlon gave a DOI update. The DOI received all requested info from agents involved in this year’s 5 year audits. Jim commended the examinees for providing everything requested in a timely fashion as it will help the DOI in the examination process.
- There was much discussion about a new Advisory the DOI sent out regarding educational programs and the limitations/restrictions in giving things of value. The DOI has received a number of inquiries that precipitated the Advisory. While education is to be commended some of the programs being conducted by title agents seem to reach beyond the bounds of education regarding title and escrow functions and the allowed limits of $ to support the function. Rental of title agent facilities to outside parties also has been called into question as such is permitted but only if a fair and commensurate charge is received. It would be prudent to review the Rules and discuss or submit your educational program to Jim for review.
- Lynn Darrington and Martin Bilbao gave a legislative update. Lyn and Martin are with Gallatin PA and associates of Larry Benton. Larry is still recovering from his broken leg surgery and will be facing an extensive rehabilitation. As such, Larry has turned the legislative functions entirely over to Lyn and Martin. Larry will continue to work with the ILTA as we host the Pacific NW convention in Coeur d’ Alene August 6-8.
- Lyn advised that the Governor had signed the CPOL legislation which will go into affect July 1. Underwriters will need to file the rate and form associated with the product prior to use on July 1.
- Sen. Davis was unable to insert our Parkwest requests into his legislation regarding the mechanic lien scenario. However, Sen. Davis promised to work with the ILTA this summer with legislation to have a comprehensive legislative address to all the Parkwest issues.
- Lyn and Martin will be working with Sen. Davis as well as the Legislative Committee on a general Rules review, the Counties should the multi titled doc issue resurface, monitor the oil and gas lease issue, and any other issues that surface.
- Hilary advised of a scenario she has begun seeing – property management companies for HOA’s charging upfront fees to pull financial records for transfer fees, dues due, and lien payoffs. The upfront request for this fee can be problematic as an extra cost that might not be reimbursed if the transaction fails. Please contact a board member or reply to these minutes if you are seeing this scenario so that we can determine how extensive an issue this is.
- Please mark your calendar for the 2015 Pacific NW Convention hosted by Idaho at the Coeur d’ Alene Resort August 6-8. The ed program will include important ALTA updates and CFPB updates a week after the August 1 implementation date.
- The next Liaison meeting will be at 10:00 Thursday May 28 at Alliance Title Parkcenter.