Liaison Minutes April 10, 2024
Liaison Minutes April 10, 2024
Members,
The Liaison Committee met Wednesday, April 10, 2024, at 10:00 at Martin’s office and via ZOOM. Some of the issues discussed included:
1. Matt gave a DOI update. There were no new consumer issues. Matt advised 2024 exams continue to progress and there were no exceptions to report. Matt reminded about the escrow rate filing due date and April 15 effective date. Any revisions after this date will need to comply with 30-day review process.
2. Matt advised the DOI is reviewing our proposed Good Funds amendments. No follow up meeting with DOI has been planned at this time. Any other Rule proposals need to be submitted by May or June at the latest.
3. Martin gave a legislative report. The HOA Mgmt and fee issue passed into law. Hopefully this puts to bed this issue with the HOA management company wrongful charges. Violation of this law is a violation of the Consumer Protection Act. If charges are being made collect documentation and send to Martin and John. Documentation has been beneficial in the past when discussing with legislators. Beverly reported a company is charging fees in Coeur d’ Alene.
4. The foreign investment amendments passed into law that included clarification that Native American Tribes are not part of governmental entities identified in this law. Unfortunately, the divestiture and enforcement procedures we proposed were not included as the bill sponsor wanted approval from the Attorney General’s Office since they would be charged with enforcement responsibilities. We will continue to work on this issue and will propose an amendment next year.
5. Short term rental bill failed in committee but is anticipated to be brought back next year by the realtors. A data privacy bill failed but is anticipated to be revived next year. The homeowner’s exemption bill regarding pro ration failed as well but it is anticipated for revival next year.
6. The bill clarifying that deeds of trust to be treated like mortgages regarding futures advance passed into law. There was also a mechanic lien bill that passed regarding the release of liens when a bond is posted. The bill clarified the court process for release.
7. Flip transactions/Wholesaling remains an issue. The Real Estate Commission had floated a couple of laws from other states that have addressed the issue and will be reviewed further this summer. Dulce advised that Oregon just passed legislation requiring middlemen to be licensed and requiring full disclosure.
8. The Secure Doc issue was discussed. Michelle advised that progress has been made in Boundary, Bonner, and Kootenai Counties to providing docs to title companies. However, a wrinkle has materialized regarding providing docs associated with domestic violence. The secure docs issue now seems to have migrated south to Power County. Per discussion Matt is going to float the concept to the attorneys at the DOI about an AG Opinion on the issue that could be given to the Counties.
9. Fannie Mae and mission creep was discussed. Attorney opinion letters (AOLs) are still a big issue nationally and growing. President Biden’s SOTU wherein he called out title companies and reinstated the GSE title waiver program is a new national focus. Federal legislation previously discussed that has been introduced requiring GSEs to use title insurance for financial security and to keep within their charters has taken on increased importance. Denise advised of ITitleTransfer.com that is offering a service in this area. Discussion of the website was that it described what looks like title insurance products in the guise of another name.
10. ILTA social media presence was discussed. Members and affiliates are encouraged to follow the ILTA on LinkedIn, Facebook and Instagram. Invite your contacts to follow.
11. The Pacific NW Convention is fast approaching May 20-22, 2024 at Skamania Lodge and hosted by WLTA. See attached Save the Date with hotel reservation and registration links.
12. Annual dues drive is underway. Attached is a dues form. Dues can be paid online or mailed.
13.As discussed previously, the Board is bringing an amendment to the By-Laws to add two Vice President board positions. The proposal will amend the number of officers such that there would be five at large Vice Presidents not tied to a specific region, but that in any given year there would be at least one Vice President from each of the three regions – Panhandle, Southwest and Southeast. Official vote to amend the By-Laws will be held at the Annual Business meeting at the Pacific NW Convention on Monday May 20. In anticipation of approval, this year’s approval of the slate of officers would include the two new positions. See the attached for Amendment to the By-Laws adding two Vice Presidents and the slate of officers. Proxy votes can be submitted with return of the attachment to John at jholt@oldrepublictitle.com.
14.The next meeting is on Monday, May 20 at 2:00 at Skamania Lodge at the Pacific NW Convention. The meeting will be the Annual Business Meeting with Election of Officers. We will also be voting to amend the By-Laws to add two Vice President positions. If you are not able to attend and wish to vote in the election, you may do so by email vote. The amendment to By-Laws and nominated candidate list follows. If you wish to write in a non-listed candidate in any of the officer slots, please type the name in the indicated area.
TO BE COUNTED, THIS COMPLETED BALLOT NEEDS TO BE EMAILED to jholt@oldrepublictitle.com PRIOR TO THE 2:00 PM (Pacific time) MEETING TIME.
