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    New York to License Title Insurance Agents for the First Time

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    New York’s latest budget agreement was announced on March 30, 2014 and includes a measure to provide the Department of Financial Services (“DFS”) with authority to issue licenses to title insurance agents for the first time. Licensing will require that agents meet qualification standards and undergo regular training, and the DFS will also have authority to monitor abuse by agents and revoke licenses accordingly. The Governor’s office stated that it expects the reform to result in a 20% reduction in title insurance premiums and closing costs for new home purchases and a more than 60% reduction in refinancing costs.

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