Does Title Need A Public Option?

By | December 1, 2009

The following is a letter regarding proposed legislation to bring a “public option” to title insurance, similar to that proposed in healthcare. If you do not agree with it, let your representatives know.

November 30, 2009
Dear members,
As you may know, Assemblyman Richard Brodsky (D-Westchester), has introduced legislation to create a “public option” for title insurance. He is convinced that this will lead to reduced premiums and provide funding for affordable housing, state roads and bridges and property tax relief. Needless to say, that as absurd as this may sound, it is very much a concern to everyone who makes their living in the title industry. The NYSLTA is working closely with our lobbyists as well as with ALTA in squashing this before it begins to gain any momentum – which is why I am writing to you.
Attached you will find a letter drafted by Bill Collins from our Executive Committee. We are asking every underwriter, every agent, and every municipal company to forward a copy of this letter to each one of their employees. Please be sure that it gets to the independent examiners and closers and anyone else who is involved in our business. Ask them to send a copy of this letter or a letter of their own to their local legislator. On the NYSLTA’s website (www.nyslta.org) under the “Legislation” tab you can access a link that will allow you to search your legislator by zip code. I suggest that you make it your responsibility to get these letters out. Make the copies yourself. Hand them out personally and then collect them later in the day. Stamp them and put them with the other “outgoing mail”.
I cannot stress how important this is. Actually, this is more than important – this is imperative. This is something that must be done and must be done right now. I trust you will act on this without delay.
Thank you,
John Piccirillo
President
New York State Land Title Association, Inc.

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