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Happy New Year and Best Wishes from Core Title for continued Health, Success and Happiness.
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On September 13, 2019, the Governor signed into law a bill that requires all limited liability companies to disclose its members, managers and any other authorized persons when they buy or sell most residential real property in the State of New York.
Please click the link below for a memo which gives some great information on the LLC Disclosure Law.
If you have any questions on this, please do not hesitate to call our office and ask to speak with underwriting counsel.
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NYS DFS REGULATION 208 NEWS
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On December 26, 2019, the Appellate Court ruled in favor of NYS DFS, reversing the Trial Court's decision and reinstating the majority of
Regulation 208.
The complete Regulation is back in effect with the EXCEPTION of the following two sections:
- Section 228.5(a) (1)-(3), imposing 200% caps on patriot, bankruptcy and municipal/departmental searches (not conducted and billed by a municipality); and
- Section 228.5(d) (1)-(2) - prohibiting direct payments by applicants to closers, and restrictions on closers charging for remitting payoffs.
Effective immediately
: Section 228.2 prohibits any payment, expense, compensation or benefit to any applicant or applicant's representative, either current or future, associated with the following activities, among others:
- Meals and beverages;
- Entertainment, including tickets to sporting events, concerts, shows or artistic performances;
- Gifts, including cash, gift cards, gift certificates, or other items with a specific monetary face value;
- Outings, including vacations, holidays, golf, ski, fishing, and other sport outings, gambling trips, shopping trips, or trips to recreational areas, including country clubs
- Parties, including cocktail parties and holiday parties, open houses;
Please see the link below for a copy of the ruling by the Appellate Court.
APPELLATE COURT RULING
Please see below for more information circulated January 2019
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Some news from Core Title Services as we enter the new year.
As always, we at Core Title continuously look to improve our product and our service to you, our clients. With an eye on 2020 and the coming decade we are enhancing our Executive Team at Core Title.
Effective 1/1/20:
- Lawrence (Larry) Gross's new title will be CEO and Counsel
- Andrew Zankel's new title will be President and Manager
- Ira Zankel's title will remain as Executive Vice President and Counsel
- Ethiel Melecio, Jr is being promoted to Vice President and Counsel
We are very excited to continue our growth of the last 6 1/2 years and continue to service all of your title needs.
We firmly believe that technological innovations will be a driving force in our industry. We will continue to be a "first mover" implementing these advances as they become available to increase our efficiency and our product.
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Coming in May of 2020, the New York State Land Title Association (NYSLTA) will be presenting a new one day event in NYC which will explore new technology in our industry called TitleTech.
Andrew Zankel is a member of the Executive Committee of the NYSLTA and co-chairs the Technology Committee. He is one of the creators of this event which will look to expand the knowledge of the transactional real estate community in NY on the technological advances coming to our industry.
Topics will include: Automation, Blockchain, Cyber Security, Artificial Intelligence, Data Privacy, e-Closings and more. There will be exhibitions, panels given by subject matter experts and CE/CLE credit programs.
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We thank you for your continued business throughout the year and look forward to servicing all your title insurance needs in 2020 and beyond.
Warmest Regards,
Larry, Andrew & Ira
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For more information about us and to place an order
visit our website
Contact us at 516-200-9626
or email us
Core Title Services, LLC
One Hollow Lane, Suite 309, Lake Success, NY 11042
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