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N.Y. DFS proposes regulations to implement title agent licensing law
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Regulatory Updates
Thursday, July 24, 2014
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The New York Department of Financial Services (DFS) published for comment in the NYS Register proposed regulations to implement requirements of recently adopted state law authorizing the DFS to regulate title insurance agents. The proposed regulation addresses, among other things, affiliated business relationships, disclosures and the use of title closers.
The proposed regulation would prohibit title insurance corporations and title agents from accepting title insurance business referred from an affiliated person unless the title insurance corporation has significant and multiple sources of business. A title insurance agent or title insurance corporation could not require an affiliated person to refer a specified amount of title insurance to the corporation or agent.
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