Bulletin: OR2018002

Date:
June 13, 2018
To:
All Oregon Issuing Offices
RE:
LEGISLATIVE UPDATE - Oregon Legislation - 2018

Dear Associates:

Oregon held a short legislative session in 2018, with very few bills of interest to the title insurance industry. The following are summaries of pertinent bills passed during the 2018 legislative session:

HB 4007 - Recording Fees Increase - First Time Homebuyer Accounts

Creates tax-deductible accounts that first time homebuyers may use to save money for their down payment and other permitted costs. This program is funded by a $40 increase in the base document recording fee from $20 to $60 per document.

Effective: June 2 or June 4, 2018

NOTE: Please speak with your County Recorder to confirm the date each will be instituting the new charges, as we have found variance. June 2 is a Saturday, and June 4 is Monday.

HB 4314 - Removing Discriminatory Language from Real Estate Titles

Creates a specific procedure to allow any property owner to petition a court to remove discriminatory provisions from any deed or covenants affecting their property, and all others affected by the discriminatory documents.

Effective: Upon Governor’s signature

NOTE: While it is unlikely that title insurance personnel will encounter this situation, we can now point customers to this law if they would like to take action. 

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