Bulletin: MD2011002

Date:
March 07, 2011
To:
All Maryland Issuing Offices
RE:
MAHT Account Reminder

Dear Associates:

Please accept this Bulletin as a reminder that all Maryland licensed title insurance producers are required by law to deposit certain escrow and settlement funds in a Maryland Affordable Housing Trust (MAHT) Account. Additionally, under COMAR 31.16.03.06, the deadline for filing the required annual MAHT report is March 31 of each year. Failure to meet this deadline may subject you to penalties, sanctions or other regulatory enforcement. Please review the below-referenced Maryland Insurance Administration Bulletin for further guidance and the Annual Reporting Form for Calendar Year 2010.

Finally, attached is a useful reference guide for complying with the MAHT requirements. This FAQ document is designed to assist with questions you may encounter with respect to MAHT compliance.

http://www.mdinsurance.state.md.us/sa/documents/BulletinPC11-04-MAHTAccounts.pdf

http://www.dhcd.maryland.gov/website/programs/maht/documents/Annual_Report_for_2010%20.pdf

http://www.dhcd.maryland.gov/website/programs/maht/Documents/MAHT_FAQ.pdf


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If you have any questions relating to this or other bulletins, please contact your local underwriting personnel or Stewart Legal Services.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

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:
MD000020 Maryland Affordable Housing Trust (MAHT); Compliance Fee Prohibition
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None