June 17, 2019 / By wh1
NY Senate budget offers title insurance companies a lifeline Line would roll back DFS marketing ban
From left: James Seward, Kevin Cahill and Maria Vullo
UPDATED, March 14, 6:06 p.m.: The New York State Senate threw title companies a rope in its proposed budget Wednesday.
The Senate s budget for fiscal 2018-19 contains language that would rollback a series of strict anti-marketing regulations enacted last month by the Department of Financial Services. The regulations — which aim to curb excessive spending in an industry known for wining and dining clients — bans title companies from marketing expenses like offering clients meals and entertainment.
In a subsection of the Senate s budget, lawmakers offer a clear definition of an inducement. The budget also states that under state insurance laws, title companies cannot be prevented from undertaking any usual and customary marketing activity aimed at acquainting present and prospective customers with the advantages of using a particular title insurer or title insurance agent.
So far, the Assembly has not included a similar line in its budget. Over the next few weeks, Gov. Andrew Cuomo and members of both Houses will hash out their respective proposals to finalize the final budget.
In January, the state Senate voted to ease the regulations by challenging DFS authority. The Assembly has been exploring options cracking down on bad actors whi爱上海同城