The Vermont Secretary of State and CATIC

are Concerned About Business Entity Fraud

Increase in Impersonation Fraud: Fraudsters are targeting property held by business entities and filing statements with the Secretary of State to change the designated officer/s information and then assume and attempt to sell the property held by the business entity.

Increase in Fraudulent Companies: Illegitimate companies are being formed and using corporate filings to commit fraud against consumers and banks.

Need for More Authority: Vermont Secretary of State Sarah Copeland Hanzas is seeking more administrative authority from legislators to address the rise in fraudulent companies using corporate filings to commit fraud and theft. The current process for handling these cases is slow and inefficient, often requiring referrals to county prosecutors or the attorney general. Copeland Hanzas wants the power to terminate or suspend businesses with clear evidence of fraud, similar to measures in Rhode Island and Colorado.

Protecting Vermonters: The goal is to better protect Vermonters from the risks associated with fraudulent business activities.

Reference:

Hirschfeld, P. (2024, December 24). Vermont Secretary of State wants new power to crack down on fraud. Vermont Public. Retrieved from https://www.vermontpublic.org/local-news/2024-12-24/vermont-secretary-of-state-wants-new-power-crack-down-fraud.

DFR License Renewal - Action Required!

Attention Title Producers (Licensed Agents): You should have received an email from the NAIC on behalf of the Vermont Department of Financial Regulation about renewing your Title Producer License (which is required if you sign title insurance policies). If you have not already renewed your license, NOW is the time to do so. Existing licenses expire on 3/31/25. The Title Producer License renewal period runs from 4/1/25 to 3/31/27.

You can renew your license now by going to Sircon or NIPR. Note: These are 3rd party sites over which we have no control. If you have problems renewing online, please reach out directly to DFR via email or by calling, (802) 828-3303.

For additional information please click here to visit DFR's website.

Important Information for Attending

CATIC Academy Webinars

Please be advised that as of January 21, 2025, all agents must have CATIC.com credentials before they can register for or attend any CATIC Academy webinars. If you do not have credentials, don’t delay! Please register now following the below instructions.

Steps to Register for CATIC.com Credentials

Click here to view a detailed how-to guide to assist you in the registration process. Please follow the instructions carefully to ensure successful registration

Need Assistance?

If you encounter any difficulties or have questions during the registration process, please reach out to our support team at ask@catic.com. We are here to help and ensure you have a smooth experience.

Thank you for your attention to this important matter.

Are You Still at Risk?

We have the tools you need for your toolbox this year.

Cybersecurity in real estate has become the key to preventing harm to consumers, risk to businesses, and growth in global crime enterprises.

In this session, CertifID will review the findings from a recent survey of 1,500 consumer home buyers and sellers that demonstrate continued risks in real estate due to inadequate education and industry best practices. The findings will also show areas of unequal vulnerability by experience, age and location. From those insights, you’ll take away recommendations on consumer education, employee training, and tools to deliver consistently secure experiences.

The steps required to protect everyone, and counter wire fraud are clear, feasible and well within reach.

Date: March 6, 2025

Time: 11:00 A.M. - 12:00 P.M.

Click here to view the full agenda

Click here to register.

This webinar is eligible for 1 CLE credit in: CT, NH, NY, & VT. (additional states pending)

Upcoming Seminars & Events You Should Know About!

Date

Event

Location

June 10, 2025

Annual day-long CLE

Capitol Plaza, Montpelier

July 18, 2025

VT Lake Monsters

Westfield Stars

Centennial Field, Burlington

Friend or Fraud?

We all rush to complete work. Make sure you stay alert and don't click any malicious email links. Clicking a link can allow hackers into your systems.

In one case, a law firm’s internal email system was hacked. When the attorney emailed his paralegal mortgage payoff instructions for an upcoming closing, the hacker intercepted the internal email and changed the wire instructions. The attorney and paralegal had no idea that their system had been compromised and did not realize the money was gone until two months later, when the seller received a delinquency notice.

To avoid this happening to you, make sure you use a third-party service to verify wire instructions. The services offer instant results that tell you whether you can trust the instructions or whether further verification is needed.

Also remember to confirm with all parties that funds have been received as soon as possible after closing. If you discover a problem, follow the ALTA Rapid Response Plan to report the fraud. Download and mark up this ALTA Rapid Response worksheet to plan in advance: note your local law enforcement contact information, and insurance and title company contact information.

And to prevent hackers from gaining access to your systems in the first place, make sure you and your staff get educated about these threats and how to recognize malicious emails. KnowBe4 offers free webinars as well as a blog that gets updated daily on new cybersecurity threats.

Need to find a Lender For a Payoff?

Our Lane Guide directory can Help!

With cross-references and contact information on over 160,000 lenders and mortgage companies going back 65 years, Lane Guide puts at your fingertips:

1. Successor information for lenders that have failed or closed.

2. Merger information for acquired lenders and mortgage companies.

3. Contact numbers and addresses for Payoff Departments.

4. Servicer names and contact information for mortgages held by Trustees.

Learn more about Lane Guide at www.LaneGuide.com.

Enter the discount code CATIC25 when subscribing and get 25% off your annual subscription!

Vermont Contact List

Click here for the full Vermont staff directory.

Underwriting Questions?

Email UnderwritingVT@catic.com for a response from Liz or Steve.

Career Network

We often hear of firms who are hiring. While we welcome phone calls or emails, we have added a career network post under News and Announcements (bottom right-hand corner) on the VATC website.