Bulletin: NY000437

Date:
March 22, 2010
To:
All New York State Office Counsel, Managers and Agents
RE:
Legislative proposals that affect Title Industry

Our industry is under Attack! We write to alert you to two Legislative Proposals S6290 and A9445A, under review in Albany with dire consequences to our livelihoods.  The legislation calls for the creation of a new governmental agency called “The New York Title Guaranty Authority,” charged with underwriting title insurance in New York State.  The legislation is asking every taxpayer to trust that the State of New York can do the job cheaper, protect purchasers and mortgage lenders in real estate closings, and at the same time generate millions in profits projected to be a windfall to New York State’s treasury.  The effect of this legislation would not only be detrimental to the long-standing viable, private Title Insurance industry and to the real estate transactional market, but most importantly, to the private consumer.

With these pending proposals, NOW, more than ever, we must commit to working together to maintain the integrity of the Title Insurance industry in New York.  As a result we need your help to prevent Albany from destroying the Title Insurance industry, crippling the real estate market and destroying thousands of private sector jobs.

We urge you to immediately do the following:

  • Become More Informed

A coalition has been comprised of real estate and business professionals from across the entire state whose members realize the value of our services and industry expertise.  These professionals have considered the proposals and are determined to fight against the proposed governmental agency for title insurance.  This coalition is called New York Taxpayers for Economic Justice, Inc. The website, www.nytaxpayersforeconomicjustice.com, contains memoranda on the legislation and the Title Insurance industry to provide you with the basis for an informed discussion with your business associate, neighbors, elected officials and Family

  • Join The Coalition

In order to ensure our voice is heard by the voting taxpayers and their elected officials, we ask that you join the coalition for a small membership fee.  Launching a public information campaign in New York is expensive, but NECESSARY, and our goal is to educate and encourage New York citizens to contact their lawmakers and demand that these proposals are withdrawn or ultimately defeated.  For membership information please email membership@nytaxpayersforeconomicjustice.com, or contact us directly at:

New York Taxpayers for Economic Justice
PO Box 4543
New York, NY 10163
Telephone: 1-888-472-1555

  • Contact Your Elected Official

The Title Insurance industry has thousands of employees serving real estate customers.  We need to unite, and with one voice, reach out to our assembly members and state senators. As a voter and taxpayer you have a right to be heard on a topic that will directly affect your profession, your family and your livelihood.  We urge you to contact your local elected official and express your concern over this bill.  A sample letter and list of elected officials can be found on our web at: www.newyorktaxpayersforeconomicjustice.com.

  • Become a Community Advocate and Information resource

Utilize the information and tools on www.newyorktaxpayersforeconomicjustice.com to inform your friends, family and colleagues about our industry and the risk to your business.  Please assist us in spreading this message and expanding our support base by forwarding an email with the website address or this letter to your clients and contacts, asking them for their support by calling, writing and emailing their respective elected officials.  Letters to the editors of local community newspapers, expressing concern over the expansion of governmental agencies into the title insurance industry, a private sector industry, would further broaden our potential for support.

We urge you to join us in the fight against this initiative in New York State.  It is imperative that those of us who understand our industry actively educate the community and enlist every voter’s support in voicing our objection to Proposals S6290 and A9445A under review in Albany.  Please contact the coalition for further information, to become a member or your much needed support. 

Sample Letter to Assembly Member (Click to view)

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
NY000424 Assemblyman Richard Brodsky proposal for "public option" title insurance
 
NY000436 New York Tax Payers for Economic Justice
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None