We have good news to report: Property profiles again may be provided to you by title companies. As you may have heard, the California Dept. of Insurance (CDI)
issued a letter June 12 that was unclear in this respect. C.A.R.’s Governmental Affairs Dept. met with the Dept. of Insurance on July 2 and expressed concern about the interpretation of the June 12 letter and its impact on the market. The CDI said they did not intend their letter to be interpreted to prohibit property profiles, and agreed to look at the matter, recognizing the urgency and the need for immediate action.
We are pleased that the Dept. of Insurance is so responsive to industry needs, particularly when it results in tangible benefits to consumers, such as detecting fraud and providing valuable information about the title when taking listings and servicing buyers and sellers.
Yesterday’s letter makes it clear that the CDI’s chief deputy “did not intend for my June 12 letter to be interpreted as a call for title insurers to change their business practices.” It goes on to say that any conduct must continue to be within existing law and does not mean that “anything goes”. However, the letter is clear that the department will not take enforcement action against title insurers for distributing information about properties in the manner that they did immediately prior to June 12. The CDI will be proceeding with possible regulations in a manner that will not result in continued market disruption. C.A.R. will continue to be vigilant and protect your interests. We will be proactively monitoring this process as it goes forward and will inform you immediately of any changes.
Sincerely,
Jim Liptak
2009 President
CALIFORNIA ASSOCIATION OF REALTORS®
Wednesday, July 8, 2009
Thursday, July 2, 2009
Property Profiles
I would like to share with you an IMPORTANT SB133 UPDATE:
Recent communications with the California Department of Insurance regarding SB133 has required all title companies to remove the following fields from their Property Profile Information Sheets, effective immediately:
Transfer Date, Transfer Value, Title Company, Seller, Doc#, Cost per square ft. Assessed Value, Land Value, Imp. Value, Market Imp Value, Tax Year, Percent Imp, Tax Amount, Tax Account id, Homeowner Exemption, Tax Rate Area, Tax Status, Market Value
Access to Documents, Detail Comps, Transaction History and Nearby Neighbors has been removed as well.
We would like to suggest some web sites you can go to and access this information at a minimal cost to you. www.agentpro247.com www.loanpro247.com andwww.dataquick.com.
To access tax information log on to:http://payments.scctax.org/payment/jsp/startup.jsp
Thanks so much,
Trina Hunt
(408) 823-6831
(408) 904-7118 fax
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