Liaison Minutes January 8, 2025
Liaison Minutes January 8, 2025
Members,
The Liaison Committee met Wednesday, January 8, 2025, at 9:00 at the Capitol – Room WW17 and via ZOOM. Some of the issues discussed included:
1. Matt gave a DOI update. There were no new consumer issues to report. Exams were completed and in the adoption process. Matt noted the exams identified several issues of note in violation of the Rules – items of value provided; gift cards; more than 4 people at events; failure to maintain records of expenditures; and, personal checks used as good funds and closing the same day. Matt also advised that Connecticut Attorneys Title Ins. Co. was licensed. First American Title Ins. Co. now have title agent licenses in Bonner and Kootenai Counties. 176 licenses were renewed and 1 lapsed. The DOI had 6 consumer complaints and 16 complaints amongst competitor title agents. The DOI rules, including our Good Funds amendments, are moving through the legislative session toward approval. Matt also advised the DOI 4 bills are also proceeding forward – 1) Insurance Data Security Act; 2) Group Capitol which monitors solvency and is an NAIC requirement for accreditation; 3) Unfair Trade Practices amending 41-1314 to create an exception for device mitigation; and 4) Wildfire mitigation pool.
2. Martin gave a legislative report. The HOA Mgmt. and fee issue is being monitored with the realtors. The matter continues to be the subject of abuse so it is important to establish facts so we have real case examples. If you have examples, please contact Martin and provide documentation. It is also recommended that clients go to the Attorney General Consumer Protection site and file a complaint. This will help establish a record with the AG’s office and help when we meet with the AG to seek enforcement of the violations. Martin advised the realtors have been lodging complaints.
3. ILTA is sponsoring a homestead bill (Bob’s Bill). Rep. Shirts will be our bill sponsor.
4. Our foreign investment amendments have been with original bill sponsor Judy Boyle regarding divestiture and enforcement procedures. Contact has been made with the AG’s office and revisions incorporated.
5. Short term rentals, homeowner’s exemption and disclosure of docs remain on the agenda and we will monitor with the realtors to see if they will be on their 2025 legislative agenda. It looks like the realtors will run a homeowner’s exemption bill regarding pro ration. Disclosure of docs issue appears to pertain to when an HOA files incorporation requiring to file by laws but seems to have lost steam.
6. Flip transactions/wholesaling is being removed as an action issue. Robin had circulated an OR bill addressing the matter. Martin will share with the realtors for interest.
7. We continue to monitor the SOS and secured docs issue. We requested title companies be exempt. This is becoming a national issue and the list for exemptions seems to be growing.
8. ALEC supporting state regulation of insurance. This is a bill that we will present and Rep. Shirts will sponsor.
9. UWM and Alita Group (Voxtur) AOL’s was discussed. No new info was shared. Please keep your ear to the ground and gather documentation so that the info can be presented to Matt.
10. Tied to this is the mission creep of Fannie Mae and the pilot title waiver program. The GSE’s acting as title insurers is not only outside their charter but in violation of state regulation – much like what it sounds like UWM and Alita Group are doing with AOLs. We need to be vigilant and get documentation to the DOI.
11. A new issue from the same people who brought MV Realty is a Right of First Offer Agreements. These agreements are from Stone Brook Partners and are 30 year terms. Let us know if you see any of these. On the MV Realty front, AZ’s new bill on NTRAPS had a retroactive element that addresses the issue our realtors were having. It is being challenged and we will monitor to see how that develops.
12. Vacant land fraud was discussed. Could the buyer and seller contact info be added to the purchase contract to help the vetting process? It was discussed that the purchase contract already has fields for that info but it is not filled out as buyers and sellers don’t want to share that info.
13. Other issues discussed that are ongoing and will remain as topics for discussion are plant subscriptions allegedly in the works in Ada County – outsiders trying to make a distinction between a lease and a subscription. Matt advised a subscription seems to be temporary in nature and just as needed. He maintains a subscription is not permitted by the plant law.
14. 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.
15. The Legislative Breakfast prior to the Liaison meeting was a success.
16. Pacific NW Convention is being hosted by the ILTA in Coeur d’ Alene at the CDA Resort May 19-22. The annual Ed Seminar will be August 10-12 in Boise at the Riverside Hotel.
17. The ITP challenge from Marie Hunter continues for members to obtain their ITP designation.
18. The next meeting is Wednesday, February 12 at 10:00 at the Capitol Room WW17 and via Zoom.
