Bulletin: CO000027

Date:
August 16, 1999
To:
All Issuing Offices in Colorado
RE:
Legislative Summary 1999

Dear Associates:

The following is a summary of bills enacted by the 1999 Colorado Legislature and subsequently signed into law by Governor Romer which have some impact, either directly or indirectly, on the business of title insurance in Colorado. Unless otherwise noted the effective date of each of these bills is July 1, 1999.

House Bill 1057 (Concerning the Modification of the Length of Time for which Title Insurance Documents must be Retained)

This bill was initiated by the Land Title Association of Colorado. It changes the length of time that two categories of title insurance records must be retained to 7 years, which conforms to general business, real estate and bankruptcy practices. (Previous law required that the title policy file be kept for 15 years and the escrow file for 5 years.)

House Bill 1368 (Concerning the Discipline of Real Estate Licensees Using Incentives or Disincentives to Effect Referrals to Certain Title Insurance Entities)

This bill was initiated by the Land Title Association of Colorado. The bill addresses the offering of incentives or disincentives by Real Estate Brokers, for the referral of title insurance business. The bill requires the Real Estate Commission to begin rule making on the "kickback" issue no later than July 1, 1999.

Senate Bill 65 (Concerning Filings to Perfect Security Interest)

This Bill makes several changes in the operation of the state's Central Indexing System (central filing of the UCC Liens and agricultural liens). The amendments only affected liens against personal property and not liens against real estate.

This memorandum is intended to provide general information on new statues affecting title insurance in Colorado. As additional issues or questions arise regarding specific procedures to be followed in each case, please don't hesitate to contact Rand Zimmerman, Mike Cranmer or Bob Adams.

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:
None
Exceptions Manual:
None
Forms:
None