We’re off to a new year and so is title industry legislation. Home buyers and sellers, and real estate agents, will need to be aware of new laws affecting the title insurance industry. Here is a summary of some of the new laws for 2017.
Change in Re-Recordation of Documents - AB 1974
This law requires for each instrument, paper or notice that is re-recorded to be executed and acknowledged or verified as a new document, unless any of the following apply:
Acceptance of Identification - AB 2566
This bill allows a Notary to accept a consular identification card and a foreign passport without further qualification. It is no longer required that a foreign passport presented as identification be stamped by the United States Citizenship and Immigration Services (ISCIS). The law adds a valid, unexpired consular ID document issued by a consulate from the applicant’s country of citizenship to the list of acceptable documents used by a Notary as satisfactory evidence of identity.
Delinquent taxes/Partial Payment Fee - AB 2291
The county tax collector is authorized to charge a fee to recover the reasonable costs of instituting and maintaining a partial payment arrangement, and would require the fee to be subject to those existing requirements applicable to increasing or initially imposing a new fee or charge. This bill would also require the ordinance authorizing the tax collector to charge a fee to require the fee to be paid prior to the application of any partial payments to penalties, interest, costs, and taxes due.
Homeowner’s Bill of Rights
After Death of Borrower - SB 1150
This law extends provisions of the Homeowner’s Bill of Rights to a successor in interest after the borrower has died. Until January 1, 2020, it prohibits a mortgage servicer, upon notification that a borrower has died, from recording a notice of default until the mortgage servicer requests reasonable documentation of the death of the borrower from a claimant, among other things.
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