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n/a
1 Posts |
 Posted - 01/07/2007 : 1:59:55 PM
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The California Escrow Association had this update as of 12/21/2006 in a message sent to their members:
"Department of Insurance Proposed Regulations: On November 27, 2006 the Department of Insurance released revisions to proposed regulations relating to title insurance premiums and escrow fees. The revisions propose mandatory reductions in escrow fees which vary geographically by three categories: the Bay Area, Southern California, and “Rest of State”. The fee reduction percentage also differs between purchase and non-purchase escrows. The Department contends that no further hearings are necessary, and that only a 15-day comment period was necessary, because the changes are technical or sufficiently similar to the original proposal. CEA submitted comments during the 15-day period, arguing that the changes were very substantial, and should have been subject to new hearings and a full comment period. The bottom line: the issue remains alive and will require action in 2007, when a new Insurance Commissioner will be in office."
It's important to note that this is not a bill that anyone will vote on, but instead represents regulations being proposed by the DOI.
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jbelmont
California
3106 Posts |
Posted - 12/08/2006 : 4:37:10 PM
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| The bill seems too outrageous to pass I think. |
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crtowles
California
553 Posts |
Posted - 12/08/2006 : 12:11:21 AM
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As far as I know this hasn't gone any where. It was a concern for all of us California notaries a few months ago. However, I don't think the proposed bill has passed. Talk of this has seemed to just all of a sudden stopped. I think it just was talk due to it being an election year. All of my work comes from comapnies in other part of the county so I never thought it would affect me personally. It would however have a determential affect on all of those who do recieve their work locally especially signing companies. It most likely would put them and their notaries out of business.
~Carmen |
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dfye@mcttelecom.com
New Hampshire
681 Posts |
Posted - 12/07/2006 : 9:52:17 PM
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What a bummer!
Legal Eagle Para Professional Services |
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jbelmont
California
3106 Posts |
Posted - 12/07/2006 : 3:54:42 PM
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This is an NNA story I am going to share here.
http://www.nationalnotary.org/nsaSection/index.cfm?story=1009
is where the story originates.
The story states that California Insurance Commissioner John Garamendi has unilaterally proposed drastic reductions in the fees that title and escrow industries may charge. If put in place, the new regulations would roll back title and escrow fees to 73 percent of year 2000 levels on an interim basis — the first step toward making them permanent.
The National Notary Association has announced that it is strongly opposed to these regulations, foreseeing unintended adverse consequences for consumers, Notaries and the economy.
During an August 30 public hearing on the matter at the California Department of Insurance (DOI) office in San Francisco, NNA officials joined with several NNA Notary Ambassadors and representatives from a number of concerned major companies and associations — including Fidelity Title Insurance, LandAmerica, the California Escrow Association and the Escrow Institute of California — to voice strong opposition to the proposals.
Additionally, the DOI reported during the hearing that hundreds of letters of opposition had been received.
It was argued during the hearing that if the fee reductions are implemented, title and escrow companies might have to lay off much of their workforce. Signing agents would be used less often if at all. Consumers might lose the convenience of at home signings too.
This is my summary. Please click on the link to see the original story.
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CA - reduction in escrow fees?
