Bulletin: AZ000001

Date:
May 18, 1994
To:
All Arizona Issuing Offices
RE:
New Legislation Effective April, 26, 1994

Dear Associates:

Senate Bill 1231 involving a variety of different issues became effective April 26, 1994. A portion of this new legislation deals with issuance of insured closing letters to both buyers and sellers of residential one-to-four properties. (See Section 8.41.02)

Effective April 26th, title companies were to begin to give certain disclosures to both buyers and sellers of residential one-to-four properties about the availability of insured closing letters from the title underwriter. In order to avoid any problems with the disclosures and/or immediate availability of these insured closing letters, Stewart Title Guaranty has decided to give blanket insured closing letter coverage, in accordance with our standard insured closing letter, to all buyers and sellers of these residential properties.

Therefore, it is unnecessary for any disclosure to be made to your customers about the availability of these letters. If your customer requests a copy of our standard buyer or seller insured closing letter, please call the Insured Closing Letter Department in Houston at 1/800/729-1902.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
3.20 Closing Protection Letters
Exceptions Manual:
None
Forms:
None