Liaison Minutes November 13, 2024
Liaison Minutes November 13, 2024
Members,
The Liaison Committee met Wednesday, November 13, 2024, at 10:00 at Martin’s office and via ZOOM. Some of the issues discussed included:
- Matt gave a DOI update. There was one consumer issue regarding a dispute over a $150 overpayment. Exams continue to progress per schedule. The DOI rules, including our Good Funds amendments, are on the website with no changes and look to move forward in the 2025 legislative session for approval. Matt also advised there were no further comments at this time on the DOI 4 bills they are proposing for the upcoming session and look to be 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. Matt reminded agents to get their license renewals in before year end.
- Martin gave a legislative report. The HOA Mgmt. and fee issue is being monitored with the realtors. 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.
- ILTA will sponsor a homestead bill (Bob’s Bill). The proposed language is finalized, and we are ready to run.
- We shared our foreign investment amendments with original bill sponsor Judy Boyle regarding divestiture and enforcement procedures. We expressed the enforcement provisions are typically handled by the AG. Rep Boyle will reach out to the AG to see if they will support enforcement.
- Short term rentals, homeowner’s exemption, disclosure of docs, and flip transactions remain on the agenda and we will monitor with the realtors to see if they will be on their 2025 legislative agenda. The homeowner’s exemption bill from the realtors focuses on the pro ration.
- 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.
- Martin gave an election recap and his report is attached.
- 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.
- 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.
- The Board approved introduction of a Resolution from ALEC supporting state regulation of insurance. This is a bill that we will present.
- 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.
- Vacant land fraud was discussed as a very relevant and ongoing issue despite the amount of discussion and seminars. We will target for a webinar with the realtors.
- Other issues discussed that are ongoing and will remain as topics for discussion are plant subscriptions allegedly in the works in Ada County; the CFPB interest in addressing contracts for deeds; and, tax foreclosure laws and possible requirements that any profits go to the original owner. A new issue to be aware of is the CFPB pushing to eliminate the GLB exemption in data privacy legislation.
- 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.
- We will have a Winter Webinar Thursday December 12 from 10:00-11:00 mountain time. The topic is “Demystifying Chat GPT For You & Your Customers”. The webinar will be presented by Bowe Digital. Notice and Registration is on our website home page. Registration is $20/person. Stay tuned for further information. The Legislative Breakfast is set for January 8, 2025 at the Capitol Rotunda from 7:30-8:45. The Liaison meeting will follow at 9:00 in Room WWII in the Capitol. Pacific NW Convention is being hosted by ILTA May 19-21, 2025 at the Coeur d’ Alene Resort in Coeur d’ Alene. The annual Ed Seminar is changing from March to August 10-12 at The Riverside in Boise.
- The ITP challenge from Marie Hunter continues for members to obtain their ITP designation with a special added incentive from former ILTA President and ITP wannabe, Cameron McFaddan, who is working to get his ITP. We have two new applications so far – keep them coming!
- The next meeting is Wednesday December 11 at Martin’s office and via Zoom.
