CLTA News Express
2007/2008 CLTA News Express (July 1, 2007 - June 30, 2008)
HUD Responds to Title Industry Pressure and Extends Comment Period on Proposed Mortgage Reforms - Additional 30 Days to Allow for more Thoughtful Comment on new "Good Faith Estimate"
The U.S. Department of Housing and Urban Development announced today that it is extending the public comment period on ... (Bulletin 07/08-136 - May 8, 2008)
ALTA Issues Action Alert on RESPA Reform
The Department of Housing and Urban Development (HUD) released their long awaited RESPA reform proposal on March 13th, 2008. It is a complicated and lengthy rule that could have seriously adverse affects on the title and escrow industry. It is over ... (Bulletin 07/08-128 - April 21, 2008)
CLTA Property Records Education Partners (PREP) Holding Regional Conferece in San Diego April 21, 2008
PREP has announced a conference to be held on April 21, 2008 in San Diego, CA. PREP (Property Records Education Partners) is a national organization of County recorder’s, lenders, title, escrow ... (Bulletin 07/08-125 - April 15, 2008)
The CLTA and the Title Industry Lose a Past President and a Friend
The CLTA regrets to inform its members that our past CLTA President, R.W. “Butch” Cramer passed away on Thursday, February 21st after a courageous bout with pancreatic cancer. .... (Bulletin 07/08-102 - February 26, 2008)
CLTA's 101st Annual Convention April 27-29, 2008 at the Rancho Bernardo Inn, San Diego
Registration materials for the CLTA’s 101st Annual Convention, which is being held this year at the stunning Rancho Bernardo Inn just north of San Diego, have recently been distributed to all members. Don’t miss your chance ... (Bulletin 07/08-101 - February 25, 2008)
CLTA Active on 1031 Exchange Legislation
A bill to regulate 1031 exchange accommodators, SB 1007 (Machado), has won Senate approval on a 31-7 vote and will now be considered in the Assembly. The CLTA has been working with legislative staff as well as other groups on the details of the bill. (Bulletin 07/08-94 - January 31, 2008)
Inconsistencies in IRS Published Regulations and Publications Prove Problematic - Use of Caution Urged when Mailing Notices to IRS Offices
A consolidation of Internal Revenue Service offices in California has created the need for greater caution amongst title representatives when mailing notices to the IRS. (Bulletin 07/08-93 - January 29, 2008)
Legislature Releases Package of Bills Responding to Mortgage Crisis
As expected, members of the California Legislature introduced bills in response to the mortgage crisis in California. The authors of the legislation include ... (Bulletin 07/08-81 - January 10, 2008)
Dueling Eminent Domain Initiatives Head to Ballot
Two eminent domain initiatives appear to have gathered enough signatures to be placed before the voters in June of 2008. One initiative ... (Bulletin 07/08-68 - January 8, 2008)
CLTA Publishes 2007 Edition of Annual Summary of Legislation
In an effort to reduce printing costs and maximize interactivity, the California Land Title Association is releasing its annual Summary of Legislation in high-resolution electronic format, complete with ... (Bulletin 07/08-66 - December 17, 2007)
Comments Urged on Draft of Uniform General Closing Instructions
Over 100 real estate industry representatives participated in a conference call held on Monday, December 3rd to review the current draft of the proposed Uniform General Closing Instructions. The groups that have developed the draft ... (Bulletin 07/08-65 - December 7, 2007)
Governor Schwarzenegger Congratulates CLTA on 100 Years of Service
Proclamation Cites Association's Important Role in Industry
Governor Arnold Schwarzenegger has issued a written proclamation formally acknowledging the California Land Title Association’s century-long commitment to excellence and service to consumers and real estate professionals throughout the state. ... (Bulletin 07/08-62 - November 27, 2007)
Proposed Uniform Closing Instructions Conference Call – Monday, Dec. 3rd
Free Call Will Provide Callers with Opportunity to Offer Comments
A conference call will be held on December 3 at 2:00 p.m. EST to discuss the proposed uniform closing instructions that have been developed by ALTA, the Mortgage Bankers Association, and the American Escrow Association. The new instructions are intended to ... (Bulletin 07/08-61 - November 26, 2007)
New Law Changes Escrow in Mobilehome Transactions
Existing law requires a mobilehome or manufactured home dealer, for every transaction by or through the dealer to sell or lease with the option to buy a new or used manufactured home or mobilehome subject to registration under existing law, to execute ... (Bulletin 07/08-60 - November 26, 2007)
Electronic Recording Summit in Sacramento, Tuesday, Dec 4th
The California e-Recording Transaction Network Authority (CeRTNA) is hosting an electronic recording summit, entitled “Perspectives”, at the Hyatt Regency in Sacramento on Tuesday, December 4th, from 6:00 to 9:00pm. Attendees at the free event will be able to ... (Bulletin 07/08-59 - November 20, 2007)
Real Estate Withholding Changes Being Considered
The California Franchise Tax Board is considering a staff recommendation on changes to the real estate withholding law that would impact the title and escrow industries. (Bulletin 07/08-56 - November 8, 2007)
CLTA's 101st Annual Convention - Mark your Calendar for April 27-29, 2008
Join us for CLTA's 101st Annual Convention at the stunning Rancho Bernardo Inn located in the majestic wooded valleys of San Diego, CA from April 27-29, 2008. (Bulletin 07/08-53 - November 6, 2007)
New Law Creates Dual Public Records System
Governor Schwarzenegger signed legislation to create a Social Security Number Truncation Program. The law requires ... (Bulletin 07/08-48 - October 29, 2007)
Delinquent Child Support Collection Gets Boost from Title Insurance Industry
Recent figures from the California Department of Child Support Services indicate that title companies, which serve as the primary source for the collection of child support liens filed against real property, helped recover more than $49 million in delinquent payments during the 2006-07 Fiscal Year. According to these same figures, title companies have helped California collect more than $320 million in delinquent child support payments since July 2003. (Bulletin 07/08-50 - October 29, 2007)
Notary Changes Signed by Governor
The statutory form of acknowledgement and the statutory form of jurat will be changed to reflect the elimination of reliance on personal knowledge when notarizing documents under Chapter 399 (Assembly Bill 886 - Runner). (Bulletin 07/08-49 - October 26, 2007)
TitleWizard Launch a Major Success
On Tuesday, October 9th, the CLTA and Insurance Commissioner Steve Poizner joined together to launch the TitleWizard, which allows consumer direct access to title rates and information about title insurance. (Bulletin 07/08-39 - October 12, 2007)
Property Records Education Partners (PREP) Announces Regional Conference in Auburn September 11, 2007
The Placer County Recorder’s Office is proud to host the first “Motherlode” Regional PREP conference to be held on September 11, 2007 at The Ridge Golf Course in Auburn. (Bulletin 07/08-10 - August 6, 2007)
2006/2007 CLTA News Express (July 1, 2006 - June 30, 2007)
Attorney General's Office Resubmits Electronic Recording Regulations to OAL
Please read the following important information from the Attorney General’s office regarding the re-submission of the ERDS Regulations Package to the Office of Administrative Law (OAL). (Bulletin06/07-154 / June 26, 2007)
Information Regarding California Real Estate Withholding
Please read the important information from the Franchise Tax Board regarding California Real Estate Withholding. (Bulletin06/07-133 / May 15, 2007)
Property Records Education Partners (PREP) Holding Regional Conference in Santa Ana May 22, 2007
PREP has announced a conference to be held on May 22, 2007 in Santa Ana, CA. (Bulletin06/07-128 / May 7, 2007)
GAO Issues Title Insurance Report
The United States Government Accountability Office (GAO) has issued a report to the Ranking Committee Member, Committee on Financial Services, House of Representatives regarding Title Insurance. The 74 page... (Bulletin 06/07-127/April 18, 2007)
Office of Administrative Law Rejects Department of Insurance Regulations
California Land Title Association (CLTA) Executive Vice President Craig Page today released the following statement upon notification that the Office of Administrative Law rejected rate setting regulations submitted by the California Department of Insurance. ... (Bulletin 06/07-102/February 21, 2007)
Partial Masking of Social Security Numbers on Recordable Lien Documents
To ensure taxpayer privacy and information security, the Franchise Tax Board (FTB) has begun to mask the first 5-digits of the taxpayer's social security number (SSN) on recordable lien documents effective February 9, 2007. (Bulletin 06/07-96 - February 12, 2007)
CLTA Announcement to Members From Rich Macaluso, CLTA President
I am pleased to announce that Craig Page has been appointed as the Executive Vice President of the California Land Title Association. Craig has served as the Legislative Counsel for the CLTA since 1993. (Bulletin 06/07-83 - January 10, 2007)
California Department of Insurance Submits Proposed Regulations to the Office of Administrative Law
The CLTA has confirmed with the California Office of Administrative Law that the Department of Insurance submitted their proposed regulations on Friday, January 5, 2007. (Bulletin 06/07-81 - January 8, 2007)
CLTA Files New ALTA Policies and Endorsements, New Usury Endorsement Filed - News Express
The CLTA has filed with the Department of Insurance the new 2006 ALTA Owner’s Policy, 2006 ALTA Loan Policy and 2006 ALTA Short Form Residential Loan Policy along with 10 new ALTA endorsement forms. ... (Bulletin 06/07-43 - September 18, 2006)
Attorney General’s Office Files Notice of Proposed Rulemaking with the Office of Administrative Law and Schedules Public Hearing Regarding Electronic Recordation for California’s 58 Counties
A package of regulations was submitted by the Attorney General’s Office to the Office of Administrative Law on August 24, 2006 and was published to the Notice Register on September 8, 2006. The proposed regulations would... (Bulletin 06/07-42 - September 13, 2006)
California Law Revision Commission Issues Recommendation on Transfer on Death Deed
The California Law Revision Commission (CLRC) has analyzed the revocable transfer on death deed (revocable TOD deed), or beneficiary deed as it is known in some jurisdictions, for possible adoption in California. ... (Bulletin 06/07-32 - September 5, 2006)
California Land Title Association Endorses Housing Bond - Affordable Housing Initiative Offers Opportunity for California’s Families
The California Land Title Association (CLTA) has endorsed Proposition 1C, the Housing and Emergency Shelter Trust Fund Act of 2006, on the November 2006 ballot. ... (Bulletin 06/07-31 / August 20, 2006)
Property Records Education Partners (PREP) Holding Regional Conference in Redding October 5, 2006
PREP has announced a conference to be held on October 5, 2006 in Redding, CA. (Bulletin 0607-12 / August 29, 2006)
New Rules For Remitting Child Support Wage Assignments Do Not Apply to Liens
The Department of Child Support Services is implementing federal payment processing requirements that change how employers handle employee child support wage assignments. Today, child support payments previously handled by local child support agencies ... (Bulletin 06/07-9 / July 20, 2006)
eNotarization Task Force Progress
The Electronic Notarization (eNotarization) Task Force met on July 13, 2006 to discuss a myriad of topics affecting electronic notarization in California. ... (Bulletin 06/07-8 / July 14, 2006)
Attorney General's Electronic Recordation Task Force Meets to Discuss Electronic Recordation Delivery System (ERDS) Handbooks
The Electronic Recordation Task Force, run by the State Attorney General’s Office, met on June 27, 2006 in Sacramento to discuss the Electronic Recordation Delivery System (ERDS) handbooks and proposed regulations. A CLTA representative attended the meeting. ... (Bulletin 06/07-4 / July 11, 2006)
2005/2006 CLTA News Express (July 1, 2005 - June 30, 2006)
California Land Title Association Urges Governor to Sign Bill (AB 2126) Streamlining Child Support Collection
The California Land Title Association (CLTA), whose member title companies serve as the primary source for the collection of child support liens in the state, today urged Governor Arnold Schwarzenegger to sign Assembly Bill 2126 by Assemblyman Ted Lieu (D-El Segundo). AB 2126 establishes ... (Bulletin 05/06-157 / June 22, 2006)
The Modesto Bee Displays Importance of Title Insurance
Last week, the Modesto Bee wrote a package of three articles pertaining to a significant title problem in Stanislaus County. (Bulletin 05/06-157 / June 22, 2006)
Standardized Procedures for Balance Due Requests and Release of the Notice of Federal Tax Lien
The Internal Revenue Service is required by law to timely release fully paid and unenforceable liens. (Bulletin 05/06-136 / May 8, 2006)
Active Legislation in 2006
The Legislature's bill introduction deadline was February 22, 2006 and the CLTA now has an idea of what we face in 2006. The Legislative Committee met ... (Bulletin 05/06-111 / March 28, 2006)
New Law Requires Home Sellers to Give Notice of Supplemental Property Tax
Effective January 1, 2006, another disclosure law became effective as enacted by Assembly Bill 459 - a seller of any residential real property must give prospective home buyers a disclosure notice that the buyer may have to pay one or two supplemental tax bills. (Bulletin 2005/06 –89/January 24, 2006)
FTB Addresses 1099 Reporting for Real Estate Brokers
The Franchise Tax Board has prepared a brochure to education California Real Estate Brokers about 1099 reporting requirements for commission payments made to brokers and agents. (Bulletin 05/06-83/January 10, 2006)
Attorney General Draft Electronic Recording Delivery System Handbooks Now Available for Comment
The Electronic Recording Delivery System (ERDS) draft handbooks have been released by the Attorney General for comments. The ERDS program was established... (Bulletin 05/06-75/January 3, 2006)
Department of Insurance Releases Title Insurance Study - December 15, 2005 (PDF)
On December 15, 2005, the California Department of Insurance released a study on title insurance which has caused the Insurance Commissioner to conclude there is a lack of competition and excessive prices in California. This study can be found on the Department's website under News or by following this link: http://www.insurance.ca.gov/etc/upload/CATitleCompetitionReport0512Public.pdf (PDF)
In response to the Department's press release, the CLTA issued a statement calling the report bogus and questioning how a 112-page report could have been already completed when the deadline set by the Commissioner for title companies to supply data was December 8, 2005. Read the CLTA response (PDF).
Law Revision Commission Continues Work on Mechanics’ Lien Law
The California Law Revision Commission (CLRC) is continuing to work on their study of the mechanics' lien law. Some of the decisions impacting the title industry relate to... (Bulletin 05/06-71/December 14, 2005)
New Requirement for all Insurance Companies to Provide Current Copies of Policies After a Covered Loss
SB 518 (Kehoe) was recently signed into law adding Section 395 to the Insurance Code. This new law requires, starting January 1, 2006, all insurers to provide a free copy ... (Bulletin 05/06-67/November 18, 2005)
Changes to Current Law - Definition of "Last Known Address" Changed for Recorded Notices of Default and Postponement of Trustee Sales Affected
AB 885 (Keene) was recently signed into law amended Government Code Section 2924b(3), thereby changing the definition...(Bulletin 05/06-66/November 18, 2005)
New Stamp and Coversheet Requirement for Title Companies for Illegal Property Restrictions
Recently, AB 394 (Niello), was signed into law and will require title companies to modify the stamp or coversheet they currently attach to copies of recorded documents they provide to consumers and clients warning them about potentially illegal property restrictions that may be contained in older recorded documents. ... (Bulletin 05/06-49/October 31, 2005)
Department of Insurance justifies no-bid contract for a consultant to look at the title industry (PDF)
(October 2005)
Recent AG Opinion Makes Clear that an Assessor's Office Must Provide Public Records at a Reasonable Cost and in a Timely Manner
On October 3, 2005, the State Attorney General’s Office released a legal opinion concluding that a parcel boundary map is required to be released to the public for copying and inspection and the assessor must provide... (Bulletin 05/06-45/October 21, 2005)
