The Liaison Committee met Thursday May 28, 2015 at Alliance Title Parkcente=
r. Some of the issues discussed were:
1. Lyn gave a legislative update. The oil and gas lease issue continues. The ILTA participated in a meeting with the Dept. of Lands who were concerned about notice issues. They are working on a) a process to notify surface owners of mineral auctions, b) following up with lenders regarding their concerns, and c) writing a white paper on how oil and gas leases affect mortgages. Lt. Gov Little was at the meeting and seemed good with how the issue is being handled. Lyn advised that the realtors are just getting involved in the issue so it is unknown at this time what concerns they may have.
2. The CPL legislation was approved (thanks and kudos to Lyn and Martin for getting this passed). The effective date is July 1 so underwriters will need to file for its use with a fee.
3. Lyn advised that Martin talked with Sen. Davis’ legal intern about the Parkwest issues. Sen. Davis is committed to working with us to understand our position that his bill needs tweaking to fully address the issues. We are coordinating meetings to work on this during the summer.
4. Lyn advised that Sen. Cameron was the frontrunner to become the next Director (since announced by Gov. Otter).
5. Lyn also advised that Sen. Tippetts in is line for Director of DEQ. Sen. Tippetts has been an industry friend so this summer will also include posturing with legislators in new positions.
6. Quinn attended the ALTA federal conference. He met with Sen. Risch, Sen. Crapo’s staff and Rep. Simpson’s staff. All were supportive of the=
3 major ALTA agenda items – a hold harmless period through December for the TRID August 1 implementation; request the CFPB to change how they want the forms to show premium rates which in its existing form creates confusion in 43 states; and, protect the mortgage interest deduction and tax savings for 1031 exchanges.
7. Ric suggested a dialogue be opened with the realtors regarding the disclosure forms regarding real estate agent and broker licensing information. It would be nice if the realtors added this information to their standard forms so it was readily available for completion of the forms.
8. Cameron advised of issues he has seen with County recorders in recording docs. If you experience any different and/or unusual requirements please advise so the matter can be investigated further. The Counties are not uniform in their practices but it may be an issue that the ILTA can assist with.
9. John advised that he had received some comments/concerns with the DOI audits and compliance with CFPB requirements. In particular, it was queried how agents can be in compliance when unvetted DOI personnel or their third party contractors access files that contain personal information that is to be safeguarded. What vetting have the DOI personnel been through for compliance with the CFPB protocols?
10. 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 and CFPB updates a week after the August 1 implementation date. Registration is available online at our revamped website at www.idaholandtitle.com. Support Idaho in its hosting of this year’s convention and help make it a great success.
11. The next Liaison meeting will be at 10:00 Thursday June 11 at Alliance Title Parkcenter.