Many states have been looking hard at title insurers for violating state laws governing spending and what can and cannot be done as incentive to encourage referrals. For example, in the greater Seattle area, the state insurance commissioner found that all the major title players were “routinely breaking state laws that limit and restrict the use of incentives and giveaways to steer business”, according to a New York Times article.
While the problem apparently is not an issue in every state, title insurers in 30 states have paid more than $35 million to settle regulatory complaints. If you are a Realtor®, you may want to know what you can and cannot receive from a title company, and what the title companies in your state can and cannot give.
Read More: New York Times
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