JUNE 2019

The National Association of Realtors (NAR) is backing Propy, a Silicon Valley startup, whose real estate software aims to automate real estate transactions and allows properties to be bought and sold in an automated digital process that includes the use of cryptocurrency, the association announced Monday.

Through its tech investment fund, Second Century Ventures, NAR has made what it called a “strategic investment” in Propy through its REACH Program, which helps new real estate tech companies launch and accelerate.

A blockchain-powered platform, Propy strives to digitize the real estate industry by automating purchase paperwork, wire payments and title recording, streamlining the process and providing secure database storage. ( Read complete article .)

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There are some new PRIA Local Chapters starting up this summer. The Greater Wisconsin Chapter is trying something similar to California's PRIA Local Chapters by having the same agenda at two meetings in two locations, so as to include as many attendees within the state as possible. Their upcoming meetings are on June 18 and June 20. In August, the new Pure Michigan Chapter is going to use the same format and they will have meetings on August 6 and August 8.

California just completed their second meeting in Southern California on June 11 and they had a meeting for Northern California on May 16. And Central Florida is having a meeting on June 18.

A recent meeting was held in Washington State on May 21 and the agenda included the following: a) a presentation by Ron Watters from Homeland Security, Cybersecurity Infrastructure Advisor, Region X, on Cybersecurity Issues; and b) a presentation by Elizabeth Blosser (from ALTA and also PRIA's Business Co-chair for PRIA Local) on Remote Online Notary Update. Please see the Washington State PRIA Local webpage for contact information and to see their meeting agendas and minutes.

Check the PRIA Local Map to help find a Chapter meeting in your area or contact Carolyn Ableman, PRIA Local Coordinator, to find out more or to start your own Chapter.

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Due to recent RCW revisions, recording fees for most documents recorded in Washington State will increase. 
 
The fee changes will have different effective dates: 

a) HB 1923 creates a new $2.50 surcharge for Urban Planning effective July 1, 2019;

b) HB 2015 creates a new $2.00 surcharge for a State Library and Archive Building
effective July 28, 2019.


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Maybe, maybe not. If you just can’t decide whether to attend this year’s Annual Conference in (beautiful) Colorado Springs, watch this video and learn what others have to say about the value of the conference to them. These testimonials tout the educational content of the PRIA conferences, along with the value of the connections made during coffee breaks, lunches and evening networking.
 
Once you are convinced, click here for registration options, either online or PDF. 

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by Andrew MacDougall, Editor and Content Strategist at Notarize

In the last five months, 11 states have passed bills on remote online notarization. The latest and one of the largest, Florida, holds the keys to the foundation for how every other state adopts online closings, and provides technology access to its citizens.
 
As part of House Bill 409, anyone can now buy or sell real estate, sign and notarize documents, or set up wills to protect their loved ones -- entirely online. As the fourth largest state in the country, Florida joins Texas, Iowa and others as legislative leaders to provide a better home buying experience to millions across the country.
 
Twenty-two states have now passed bills on remote online notarization, and more than 85 percent of the country’s population resides in an eRecording jurisdiction. We’re now witnessing a massive shift in market adoption, where convenience and accessibility are becoming the status quo. Closings don’t always happen during a 9-5 business window, and with out-of-country travel, life emergencies and more, being able to provide a secure, fully online real estate experience opens the market for all.
 
Florida’s bill will help usher in a new wave of legislation from the rest of the country, and help drive ubiquitous adoption of remote online notarization.
 
Interested in the rise of remote online notarization? Notarize just published a book on remote online notarization, which you can download here .

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The work group that published two papers on records preservation, presented at two conferences and delivered two webinars in January has aggregated their deliverables into one PDF resource.
 
Included in this educational module are a history of land records preservation, the white paper on preservation of electronic preservation, sample electronic records policies, sample RFP for an electronics preservation strategy and webinar resources, to name a few.
 
Click here to access this educational module and share with your staff and other interested parties.

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Take advantage of this opportunity to learn, first hand, how the PRIA LRMS Best Practices were formulated over a three-year period. This webinar is scheduled for Thursday, June 20, at 3 p.m., ET. There is no cost to PRIA members. Non-members pay only $25.
 
By participating in this webinar, you will learn:
  • What the LRMS Best Practices Paper can provide for both recorders' who are evaluating their current LRMS or those who are considering a new system
  • How LRMS vendors can better understand the recorders expectations from their LRMS
 
The presenters are also the two co-chairs of this project: Larry Burtness, operations manager for Figure Technologies; and Karl Trottnow, county account manager for Simplifile. They lived and breathed this project for more than three years, assisted by a group of dedicated volunteers, meeting bi-monthly to bring this project to publication.
 
To register for this webinar, click here .

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excerpted from ALTA Advocacy Update by ALTA Interim CEO/COO Cornelia Horner, June 3, 2019

The FTC has extended its comment period on proposed changes to the Safeguards Rule to August 2, 2019. The Safeguards Rule implements the data security provisions of the Gramm-Leach-Bliley Act for nonbank financial companies, including title companies. The changes were first announced in March.

The proposed changes are similar to the New York Department of Financial Services' strict information security program requirements and impose, among other things, a requirement to encrypt all customer information both in transit and at rest.

Many of the requirements in the proposed revision are in line with the requirements of the ALTA Title Insurance & Settlement Company Best Practices and the state of New York's recently implemented information security regulation. Some of the changes in the proposal include:

  • designation of a Chief Information Security Officer;
  • period risk assessment of the business to identify most likely vulnerabilities;
  • periodically updated written information security program based on the risk assessment;
  • security controls, such as logical access controls, restriction of physical access, data encryption of all customer information both in transit and at rest and use of multi-factor authentication;
  • audit trails to detect and respond to security events;
  • secure disposal of customer information;
  • penetration testing; and
  • a written incident response plan.


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