Bulletin: MO2016002

Date:
August 23, 2016
To:
All Missouri Issuing Offices
RE:
LEGISLATIVE UPDATE - Mandatory Closing Protection Letters Residential Transactions

Dear Associates:

MO SB 833 - Requires Closing Protection Letters for all residential real estate transactions where title insurance is issued (Sections 381.022 & 381.058) and is effective August 28, 2016.

The bill may be reviewed at this link:  http://www.senate.mo.gov/16info/pdf-bill/tat/SB833.pdf 

If a policy of title insurance is issued in a residential transaction, Closing Protection Letters (CPLs) must be issued to the lender, the seller, and the buyer.

You are not authorized to close transactions unless you will issue policy(cies) and issue closing protections letters to the buyer, lender and seller.

The Missouri CPL is a form filed by Stewart with the Department and it may not be modified. The filed rate for each CPL is $25.00.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None